<SEC-DOCUMENT>0001554855-25-000424.txt : 20250508
<SEC-HEADER>0001554855-25-000424.hdr.sgml : 20250508
<ACCEPTANCE-DATETIME>20250507182643
ACCESSION NUMBER:		0001554855-25-000424
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20250507
FILED AS OF DATE:		20250508
DATE AS OF CHANGE:		20250507

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
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		25923207

	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;May 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>
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<div style="width: 8.5in; margin: 0 auto;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></div>
<div style="width: 8.5in; margin: 0px auto; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ULTRAPAR HOLDINGS INC.<br></font></div>
<div style="width: 8.5in; margin: 0 auto;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></div>
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<td style="width: 95%; text-align: center;"><font style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;, times; font-size: 13.3333px; 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;">TABLE OF CONTENTS</font></td>
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<td style="width: 5%; vertical-align: top;"><font style="text-decoration: underline;"><font style="font-weight: bold;">ITEM</font></font></td>
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<td style="width: 5%; vertical-align: top; height: 34px;" valign="top">1.</td>
<td style="width: 95%; height: 34px; text-align: justify;"><a href="#Bssq_642025191217599"><font style="font-size: 10pt;">Individual and Consolidated Interim Financial Information as of and for the Quarter Ended March 31, 2025 and Report on Review of Interim Financial Information</font></a></td>
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<td style="vertical-align: top; height: 17px;" valign="top">2.</td>
<td style="height: 17px; text-align: justify;"><a href="#BDn65_642025154447408"><font style="font-size: 10pt;">1Q25 Earnings Release</font></a></td>
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<td style="height: 17px; vertical-align: top;" valign="top">3.</td>
<td style="height: 17px; text-align: justify;"><a href="#Bdn66_642025155057246"><font style="font-size: 10pt;">Minutes of the Meeting of the Board of Directors of Ultrapar Participa&#231;&#245;es S.A., held on May 7, 2025</font></a></td>
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<div><font style="color: rgb(255, 255, 255);">&nbsp;<font style="font-size: 1pt;"><a style="text-decoration: none; cursor: default; outline: none; pointer-events: none; color: rgb(255, 255, 255);" href="#TOC" name="Bssq_642025191217599" class="customBookmark">Individual and Consolidated Interim Financial Information as of and for the Quarter Ended March 31, 2025 and Report on Review of Interim Financial Information</a></font></font></div>
<p><img src="img16bed47507de46e0b360.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></p>
<p><font style="background-color: #ffffff; color: #ffffff;">a</font></p>
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<td style="width: 50%; height: 10px; border-bottom: 1.5pt solid #000080; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-size: 17.3333px; 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-family: 'times new roman', times; font-weight: bold;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.&nbsp;</font><font style="color: #000000; font-size: 17.3333px; 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-family: 'times new roman', times; font-weight: bold;">and</font><font style="color: #000000; font-size: 17.3333px; 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; font-family: 'times new roman', times; float: none; display: inline !important;">&nbsp;</font><font style="color: #000000; font-size: 17.3333px; 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-family: 'times new roman', times; font-weight: bold;">Subsidiaries</font></td>
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<td style="height: 52px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="TOC"></a>
<p style="text-align: center;"><font style="font-weight: bold;">Table of Content </font></p>



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<h4 style="vertical-align: middle; text-align: center;"><br></h4>



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<td style="height: 17px; width: 90%;"><a href="#BBS_142025153931286">Statements of financial position</a></td>
<td class="bmpageno" style="height: 17px; width: 10%; text-align: center;">8</td>



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<td style="height: 17px;"><a href="#BSD_13_142025152727234">Statements of income</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">10</td>



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<td style="height: 17px;"><a href="#BSD_14_142025152848360">Statements of comprehensive income</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">11</td>



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<td style="height: 17px;"><a href="#Bshe_142025155438910">Statements of changes in equity</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">12</td>



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<td style="height: 17px;"><a href="#BSD_23_14202517432331">Statements of cash flows - indirect method</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">14</td>



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<td style="height: 17px;"><a href="#BSD_24_142025174323578">Statements of value added</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">16</td>



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<td style="height: 17px;"><a href="#Ba1_1420251338965">1. Operations</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">17</td>



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<td style="height: 17px;"><a href="#Ba2_142025133848462">2. Basis of preparation and presentation of individual and consolidated interim financial information </a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">19</td>



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<td style="height: 17px;"><a href="#Ba3_14202513397744">3. New accounting policies and changes in accounting policies </a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">20</td>



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<td style="height: 17px;"><a href="#Ba4_142025133921598">4. Cash and cash equivalents, financial investments and derivative financial instruments </a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">20</td>



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<td style="height: 17px;"><a href="#Ba5_142025133945486">5. Trade receivables and reseller financing (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">22</td>



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<td style="height: 17px;"><a href="#Ba6_14202513401619">6. Inventories (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">23</td>



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<td style="height: 17px;"><a href="#Bsp1_14202516337478">7. Recoverable taxes (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">24</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bsp2_14202516443738">8. Related parties</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">25</td>



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<td style="height: 17px;"><a href="#Bsp3_1420251656415">9. Income and social contribution taxes</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">28</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bsp4_14202516530687">10. Contractual assets with customers - exclusivity rights (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">30</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bsp5_14202516547146">11. Investments in subsidiaries, joint ventures and associates </a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">31</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_1_142025143437985">12. Right-of-use assets and leases payable (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">34</td>



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<td style="height: 17px;"><a href="#BSD_2_142025143513952">13. Property, plant, and equipment (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">36</td>



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<td style="height: 17px;"><a href="#BSD_3_142025143527727">14. Intangible assets (consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">37</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_4_142025143545376">15. Loans, financing, debentures and derivative financial instruments (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">39</td>



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<td style="height: 17px;"><a href="#BSD_5_142025143610874">16. Trade payables (consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">41</td>



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<td style="height: 17px;"><a href="#BSD_6_142025143629161">17. Employee benefits and private pension plan (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">42</td>



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<td style="height: 17px;"><a href="#BSD_7_14202514433044">18. Provisions and contingent liabilities (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">43</td>



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<td style="height: 17px;"><a href="#BSD_8_142025144351899">19. Subscription warrants &#8211; indemnification</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">45</td>



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<td style="height: 17px;"><a href="#BSD_9_14202514445706">20. Equity</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">46</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_10_142025144419227">21. Net revenue from sales and services (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">47</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_11_142025144432715">22. Costs, expenses and other operating results by nature</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">48</td>



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<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bb1_142025134050515">23. Financial result</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">49</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bb2_14202513411979">24. Earnings per share (Parent and Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">49</td>



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<td style="height: 17px;"><a href="#Bb3_142025134112483">25. Segment information</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">50</td>



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<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_22_142025172014765">26. Financial instruments (Consolidated)</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">53</td>



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<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_21_142025171845836">27. Acquisition of Interest and Control</a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">66</td>



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<td style="height: 17px;"><a href="#BSD_20_14202517165194">28. Events after the reporting period </a></td>
<td class="bmpageno" style="height: 17px; text-align: center;">69</td>

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<p style="margin: 0pt 0pt 10pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(Convenience Translation into English from the Original Previously Issued in Portuguese)</font></p>
<p style="margin: 0pt 0pt 10pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 20pt;"><font style="font-weight: bold;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es</font><font style="font-weight: bold;"><font>&nbsp;</font>S.A.</font></font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Report on Review of Interim Financial Information</font><br><font style="font-family: 'times new roman', times; font-size: 10pt;">for the Quarter Ended March 31, 2025</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 11pt;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 11pt;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 11pt;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deloitte&nbsp;Touche&nbsp;Tohmatsu&nbsp;Auditores&nbsp;Independentes&nbsp;Ltda.</font></p>

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<p style="line-height: 1; margin: 0in; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="EN-GB" style="font-size: 7pt; font-family: 'times new roman', times; line-height: inherit;">Deloitte Touche
Tohmatsu</font></p>
<p style="line-height: 1; margin: 0in; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="EN-GB" style="font-size: 7pt; font-family: 'times new roman', times; line-height: inherit;">Av. Dr. Chucri Zaidan, 1.240 -</font></p>
<p style="line-height: 1; margin: 0in; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="EN-GB" style="font-size: 7pt; font-family: 'times new roman', times; line-height: inherit;">4<sup>o&nbsp;</sup>ao 12<sup>o</sup>&nbsp;andares - Golden Tower</font></p>
<p style="line-height: 1; margin: 0in; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 7pt; font-family: 'times new roman', times; line-height: inherit;">04711-130 - S&#227;o Paulo - SP</font></p>
<p style="line-height: 1; margin: 0in; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 7pt; font-family: 'times new roman', times; line-height: inherit;">Brazil</font></p>
<p style="line-height: 1; margin: 0in; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 7pt; font-family: 'times new roman', times; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1; margin: 0in; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 7pt; font-family: 'times new roman', times; line-height: inherit;">Tel.: + 55 (11) 5186-1000</font></p>
<p style="line-height: 1; margin: 0in; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="EN-GB" style="font-size: 7pt; font-family: 'times new roman', times; line-height: inherit;">Fax: + 55 (11)
5181-2911</font></p>
<p style="line-height: 1; margin: 0in; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="EN-GB" style="font-size: 7pt; font-family: Calibri, sans-serif; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">www.deloitte.com.br</font></font></p>







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<p style="line-height: 1.2; margin-top: 10pt;"><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: 12pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION</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, Board of Directors and Management of</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;">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;">Introduction</font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">We have reviewed the accompanying individual and consolidated interim financial information of Ultrapar Participa&#231;&#245;es S.A. (&#8220;Company&#8221;), identified as Parent and Consolidated, included in the Interim Financial Information Form (ITR), for the quarter ended March 31, 2025, which comprises the statements of financial position as at March 31, 2025 and the related statements of income and comprehensive income for the three-month periods then ended, and of changes in equity and of cash flows for the three-month period then ended, including the explanatory notes.</font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Management is responsible for the preparation of this individual and consolidated interim financial information in accordance with technical pronouncement CPC 21(R1) and international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.</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;">Scope of review</font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an 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;">Conclusion on the individual and consolidated interim financial information</font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information has not been prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and international standard IAS 34 applicable to the preparation of ITR and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM).</font></p>
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<p style="line-height: 6.5pt; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt;">Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (&#8220;DTTL&#8221;), its global network of member firms, and their related entities (collectively, the &#8220;Deloitte organization&#8221;). DTTL (also referred to as &#8220;Deloitte Global&#8221;) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.</font></p>
<p style="line-height: 6.5pt; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&nbsp;</font></p>
<p style="line-height: 6.5pt; margin: 0pt;"><font style="font-size: 7pt; font-family: 'times new roman', times;">Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entities in more than 150 countries and territories (collectively, the &#8220;Deloitte organization&#8221;) serves four out of five Fortune Global 500&#174; companies. Learn how Deloitte&#8217;s approximately 460,000 people make an impact that matters at <font style="color: #0000ff; text-decoration: underline;">www.deloitte.com</font>.</font></p>
<p style="line-height: 6.5pt; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&nbsp;</font></p>
<p style="line-height: 6.5pt; margin: 0pt;"><font style="font-size: 7pt; font-family: 'times new roman', times;">&#169; 2025. For information, contact Deloitte Global.</font></p>


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<p style="margin: 0pt 0pt 10pt; line-height: 1.2; margin-top: 10pt;"><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; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The interim financial information referred to above includes the individual and consolidated statements of value added (DVA) for the three-month period ended March 31, 2025, prepared under the responsibility of the Company&#8217;s Management, and presented as supplemental information for international standard IAS&nbsp;34 purposes. These statements were subject to the review procedures performed together with the review of the ITR to reach a conclusion on whether they are reconciled with the interim financial information and the accounting records, as applicable, and if their form and content are consistent with the criteria set forth in technical pronouncement CPC&nbsp;09 (R1) - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that these statements of value added were not prepared, in all material respects, in accordance with the criteria defined in such standard and consistently with the individual and consolidated interim financial information taken as a whole.</font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The accompanying interim financial information has been translated into English for the convenience of readers outside Brazil.</font></p>
<p style="margin: 0pt 0pt 30pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">S&#227;o Paulo, May 07, 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 class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>7</font></font></td>

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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>

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<p style="margin: 0pt 0pt 10pt; orphans: 0; widows: 0;"><br></p>

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</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; height: 68px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 50%; height: 17px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 68px; vertical-align: top; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" rowspan="4" valign="top"><img src="img02889423c1504968958b.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="BBS_142025153931286" class="customBookmark"><font style="color: #000000; font-family: Aptos; font-size: 10pt; 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; float: none; display: inline !important;">Statements of financial position</font></a></td>




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<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><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; 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-weight: bold;">For the periods ended March 31,&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">2025</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">&nbsp;and 2024</font></font></td>




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<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-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; 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>Reais<font style="color: #000000; font-family: 'times new roman', times; 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;">)</font></font></td>




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<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 9pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 628px; 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; 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;">&#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: 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>







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<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;">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;">03/31/2025</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;">&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: 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 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;">03/31/2025</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;">&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>



</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 46%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Assets</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;" 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; vertical-align: bottom; height: 17px; 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;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 2%; 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; 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;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 2%; 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; 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;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 2%; 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; 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; 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; font-weight: bold;">Current assets</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: 10pt;">&nbsp;</font></p>







</td>
<td style="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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>







</td>
<td style="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="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="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="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="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 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; vertical-align: bottom; height: 17px; background-color: #cceeff;" 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; 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;">10,040</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;">4,186</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; text-align: 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;">1,436,088</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;">2,071,593</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 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; 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; font-weight: bold;">4.b</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;">13,816</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;">20,100</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;">1,301,330</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;">2,553,011</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;">Trade receivables</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: 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">3,535,702</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;">3,540,266</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;">Reseller financing</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: 10pt; font-weight: bold;">5.a</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;">&#8208;</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;">&#8208;</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;">529,476</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;">511,979</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;">Inventories</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: 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">4,134,837</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;">3,917,076</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;">Recoverable taxes</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: 10pt; font-weight: bold;">7.a</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;">1,391</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;">1,323</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;">1,991,388</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;">2,040,008</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;">Recoverable income and social contribution taxes</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: 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; 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;">19,851</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;">16,734</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;">138,751</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;">151,930</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;">Energy trading futures contracts</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: 10pt; font-weight: bold;">26.h</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;">&#8208;</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;">&#8208;</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;">349,079</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;">141,257</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;">Dividends receivable</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: 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; 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;">92,395</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;">&#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; text-align: 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;">2,303</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;">3,415</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;">Other receivables and other assets</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: 10pt; font-weight: bold;">-</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;">106,602</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;">95,859</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;">306,772</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;">294,769</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;">Prepaid expenses</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: 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; 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;">9,202</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;">5,506</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;">202,194</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;">163,846</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;">Contractual assets with customers - exclusivity rights</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: 10pt; font-weight: bold;">10</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: 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; text-align: 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; 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; text-align: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">646,203</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: 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;">658,571</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 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; vertical-align: bottom; height: 17px; background-color: #cceeff;" 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; vertical-align: bottom; height: 17px; 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;">253,297</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-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;">143,708</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-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;">14,574,123</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-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;">16,047,721</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;">&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; font-weight: bold;">&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>
<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>
<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: 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; font-weight: bold;">Non-current liabilities</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: 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; 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;">&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;">&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;">&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;">&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;">&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;">&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 0pt 0pt 10pt; text-indent: 0.4pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments, derivative financial instruments and other financial assets</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; font-weight: bold;">4.b</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;">302,608</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;">302,608</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;">3,256,356</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;">3,407,080</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;">Trade receivables</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: 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">30,723</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;">27,003</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;">Reseller financing</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: 10pt; font-weight: bold;">5.a</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;">&#8208;</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;">&#8208;</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;">710,128</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;">766,045</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;">Related 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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">8</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;">7,076</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;">7,076</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;">52,159</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;">48,309</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;">Deferred income and social contribution taxes</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: 10pt; font-weight: bold;">9.a</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;">142,074</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;">142,630</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;">868,557</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;">936,941</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;">Recoverable taxes</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: 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; 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;">74</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;">74</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;">2,424,761</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;">2,650,269</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;">Recoverable income and social contribution taxes</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: 10pt; font-weight: bold;">7.b</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;">7,196</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;">7,196</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;">338,728</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;">346,137</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;" 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; vertical-align: bottom; height: 17px; background-color: #cceeff;" 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">382,436</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;">263,438</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;">Escrow deposits</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: 10pt; font-weight: bold;">18.a</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;">12,982</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;">12,615</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;">401,513</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;">446,076</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;">Indemnification asset - business combination</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: 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">126,349</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;">126,098</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;">Other receivables and other assets</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: 10pt; font-weight: bold;">-</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;">&#8208;</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;">&#8208;</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;">97,251</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;">114,469</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 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; vertical-align: bottom; height: 17px; background-color: #cceeff;" 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; 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;">16,315</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;">18,989</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;">42,686</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;">40,904</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 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; 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; font-weight: bold;">10</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: 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: 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; 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; 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; 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;">1,455,749</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; 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;">1,473,331</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;">&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: center;"><font style="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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">Investments in subsidiaries, joint ventures and associates</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: 10pt; font-weight: bold;">11</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;">14,551,146</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;">14,898,466</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;">2,024,525</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;">2,148,633</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;">Right-of-use assets, net</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: 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; 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;">6,850</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;">7,664</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;">1,643,758</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;">1,671,324</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;">Property, plant and equipment, net</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: 10pt; font-weight: bold;">13</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;">66,704</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;">68,447</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;">7,251,018</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;">7,135,966</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;">Intangible assets, net</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: 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; 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;">272,399</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;">273,674</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;">2,073,777</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;">1,908,330</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 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; vertical-align: bottom; height: 17px;" 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; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,385,424</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: 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;">15,739,439</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: 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;">23,180,474</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: 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;">23,510,353</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 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; 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;">&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;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,638,721</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; 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;">15,883,147</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; 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;">37,754,597</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; 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;">39,558,074</font></p>







</td>



</tr>











</table>
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 8pt;">&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 interim financial information.</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;"><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'>8</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: 100%; margin-left: 0.1px; height: 40px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; 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-weight: bold;">Ultrapar Participa&#231;&#245;es S.A.&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-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-weight: bold;">and</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-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><font style="color: #000000; font-family: 'times new roman', times; 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-weight: bold;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 40px; vertical-align: top; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" rowspan="4" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>




</tr>
<tr style="height: 10px;">
<td style="width: 50%; height: 10px;"><font style="color: #000000; font-family: Aptos; 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: 0px; text-transform: none; widows: 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;">Statements of financial position</font></td>




</tr>
<tr style="height: 10px;">
<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; 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-weight: bold;">For the periods ended March 31,&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">2025</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">&nbsp;and 2024</font></font></td>




</tr>
<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-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; 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>Reais<font style="color: #000000; font-family: 'times new roman', times; 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;">)</font></font></td>




</tr>









</table>
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 9pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 833px; 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;"><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;">&#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;">03/31/2025</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;">12/31/2024</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-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;">03/31/2025</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;">12/31/2024</font></p>







</td>



</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 46%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Liabilities</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8%; 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; width: 10%; 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; width: 2%; 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; width: 10%; 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; width: 2%; 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; width: 10%; 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; width: 2%; 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; width: 10%; 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;">Current liabilities</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>
<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>
<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 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade payables</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">16.a</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;">19,461</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;">25,423</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;">2,366,664</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;">3,518,385</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 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade payables - reverse factoring</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; font-weight: bold;">16.b</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;">&#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;">&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;">&#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;">&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;">1,167,001</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;">1,014,504</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;">Loans, financing and derivative 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; 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">1,866,432</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;">3,175,017</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;">Debentures</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: 10pt; font-weight: bold;">15</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;">&#8208;</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;">&#8208;</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;">716,057</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;">377,743</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;">Salaries and related charges</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: 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; 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;">30,268</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;">44,191</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;">370,601</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;">480,285</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;">Taxes payable</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: 10pt; font-weight: bold;">-</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;">409</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;">903</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;">168,167</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;">151,230</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;">Energy trading futures contracts</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: 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">284,778</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;">66,729</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;">Dividends payable</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: 10pt; font-weight: bold;">-</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;">14,120</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;">293,165</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;">48,177</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;">327,471</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;">Income and social contribution taxes payable</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: 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; 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;">91</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;">175</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;">160,892</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;">322,074</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;">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; 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; 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;">&#8208;</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;">&#8208;</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;">24,098</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;">24,098</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;">Provision for decarbonization credit</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: 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">96,367</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;">&#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 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; vertical-align: bottom; height: 17px;" 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; 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;">433</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;">431</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;">51,277</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;">47,788</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;">Leases payable</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: 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; 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;">2,828</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;">3,012</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;">318,932</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;">316,460</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;">Financial liabilities of customers</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: 10pt; font-weight: bold;">-</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;">&#8208;</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;">&#8208;</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;">102,158</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;">117,090</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;">Other payables</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: 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; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">19,104</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">557,715</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" 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>



</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 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; vertical-align: bottom; height: 17px;" 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; vertical-align: bottom; height: 17px; 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;">86,714</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-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;">369,369</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-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;">8,299,316</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-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;">10,493,201</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; font-weight: bold;">&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;"><font style="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>
<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>
<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: 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;">Non-current liabilities</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: 10pt; font-weight: bold;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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 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; vertical-align: bottom; height: 17px; background-color: #cceeff;" 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">6,502,396</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;">6,393,232</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;">Debentures</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: 10pt; font-weight: bold;">15</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;">&#8208;</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;">&#8208;</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;">4,471,042</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;">4,356,118</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;">Energy trading futures contracts</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: 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">146,858</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;">48,047</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;">Related parties</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: 10pt; font-weight: bold;">8</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;">2,875</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;">2,875</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;">3,516</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;">3,516</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;">Deferred income and social contribution taxes</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: 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">143,134</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; text-align: 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;">132,825</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;">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; 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; 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;">1,603</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;">1,517</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;">203,154</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;">198,778</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;">Provisions for tax, civil and labor risks</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: 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; 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;">192,604</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;">197,396</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;">602,445</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;">610,572</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;">Leases payable</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: 10pt; font-weight: bold;">12.b</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;">5,040</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;">5,698</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;">1,163,298</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;">1,168,692</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;">Financial liabilities of customers</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: 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; 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;">&#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; text-align: 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;">&#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; text-align: 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;">48,920</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;">63,135</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 - indemnification</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: 10pt; font-weight: bold;">19</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;">50,286</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;">47,745</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;">50,286</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;">47,745</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 0pt 0pt 10pt; text-indent: 0.4pt; line-height: 1.1;"><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; 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; font-weight: bold;">11</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;">66,752</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;">68,530</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;">8,006</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;">349</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: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other payables</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: 10pt; font-weight: bold;">-</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">37,310</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: 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;">31,299</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: 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;">221,820</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: 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;">218,420</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 20.95pt; 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; vertical-align: bottom; height: 17px; background-color: #cceeff;" 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; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">356,470</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,564,875</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" 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>



</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;">&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: 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; vertical-align: bottom; height: 17px; 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; 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-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; 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-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; 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-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; 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; font-weight: bold;">Equity</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: 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; 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;">&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;">&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;">&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;">&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;">&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;">&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;">Share capital</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: 10pt; font-weight: bold;">20.a</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;">6,621,752</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;">6,621,752</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;">6,621,752</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;">6,621,752</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;">Equity instrument granted</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: 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; 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;">123,364</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;">108,253</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;">123,364</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;">108,253</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;">Capital reserve</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: 10pt; font-weight: bold;">20.d</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;">613,215</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;">612,048</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;">613,215</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;">612,048</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;">Treasury shares</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: 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; 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;">(710,699)</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;">(596,400)</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;">(710,699)</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;">(596,400)</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;">Revaluation reserve of subsidiaries</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: 10pt; font-weight: bold;">20.d</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;">3,586</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;">3,632</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;">3,586</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;">3,632</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;">Profit reserves</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: 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; 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;">7,987,100</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;">7,987,100</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;">7,987,100</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;">7,987,100</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;">Retained earnings</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: 10pt; font-weight: bold;">-</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;">332,846</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;">&#8208;</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;">332,846</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;">&#8208;</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;">Accumulated other comprehensive income</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;">-</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;">224,373</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;">214,212</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);" valign="bottom">
<p style="margin: 0pt; text-align: 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: rgb(204, 238, 255);" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">224,373</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);" valign="bottom">
<p style="margin: 0pt; text-align: 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: rgb(204, 238, 255);" 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>



</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additional dividends to the minimum mandatory dividends</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; font-weight: bold;">-</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: 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: 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; 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>
<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; 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; 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; 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; 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;">Equity attributable to:</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: 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; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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;">&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; 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;">&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; 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;">&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; 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: 17px;">
<td style="padding: 0px 4px; 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;">Shareholders of Ultrapar</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: 10pt; font-weight: bold;">-</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;">15,195,537</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;">15,158,718</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;">15,195,537</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;">15,158,718</font></p>







</td>



</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; 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;">Non-controlling interests in subsidiaries</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: 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; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">694,869</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" 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>



</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 20.95pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total equity</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: 10pt; font-weight: bold;">&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-bottom: 1pt solid #000000; 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;">15,195,537</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-top-width: 1px; border-top-style: solid; border-bottom: 1pt solid #000000; 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;">15,158,718</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-top-width: 1px; border-top-style: solid; border-bottom: 1pt solid #000000; 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;">15,890,406</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-top-width: 1px; border-top-style: solid; border-bottom: 1pt solid #000000; 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;">15,823,444</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 0pt 0pt 29.7pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total liabilities</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; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,638,721</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;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; background-color: #cceeff;" 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; 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;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">37,754,597</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;">&nbsp;</font></p>







</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; background-color: #cceeff;" 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>



</tr>











</table>
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 9pt;">&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'>9</font></font></td>



</tr>







</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><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;">
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 68px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="width: 50%; height: 17px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 68px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;" rowspan="4" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#TOC" name="BSD_13_142025152727234" class="customBookmark"><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: 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; float: none; display: inline !important;">Statements of income</font></a></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><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; 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-weight: bold;">For the periods ended March 31,<font>&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; 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-weight: bold;">2025</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; 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-weight: bold;"><font>&nbsp;</font>and 2024</font></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; 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<font>&nbsp;</font></font>Reais<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; 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;">, except earnings per thousand shares)</font></td>






</tr>













</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-indent: 7.1pt; 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: 607px; 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;">&#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;"><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; 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;">Parent</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 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; 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;">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: bottom; height: 17px;" valign="bottom">
<p style="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;"><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: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 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;">Note</font>&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: 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;" valign="bottom">
<p style="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;">03/31/2025</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: 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;" valign="bottom">
<p style="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;">03/31/2024</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: 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: bottom; height: 17px;" valign="bottom">
<p style="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;">03/31/2025</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: 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;" valign="bottom">
<p style="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;">03/31/2024</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: 48%; 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; vertical-align: bottom; height: 17px; width: 8%; 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;">21</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;">&#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;">33,329,262</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;">30,395,902</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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="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; 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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">(31,187,631)</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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">(28,334,690)</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: bottom; height: 17px; 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-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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="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; 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;">2,141,631</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;">2,061,212</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: bottom; height: 17px; 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-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>
<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: 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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="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; 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;">&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;">&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;">&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;">&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;">&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;">&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;">&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; vertical-align: bottom; height: 17px; 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;">22</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;">(601,565)</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;">(569,000)</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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="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; 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;">(12,635)</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;">(12,588)</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;">(518,362)</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;">(440,800)</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 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: center;"><font style="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;">31</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;">41</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;">5,307</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;">36,808</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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="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; 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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">(450)</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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">35,218</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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">(86,503)</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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">(137,787)</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; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">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; vertical-align: bottom; height: 10px; 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-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(13,054)</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; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">22,671</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; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">940,508</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; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">950,433</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;">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;" valign="bottom">
<p style="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; 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; border-top-width: 1px; border-top-style: solid; height: 17px; 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;">333,764</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; border-top-width: 1px; border-top-style: solid; height: 17px; 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;">415,378</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; border-top-width: 1px; border-top-style: solid; height: 17px; 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;">(149,083)</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; border-top-width: 1px; border-top-style: solid; height: 17px; 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;">(3,084)</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;">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;" valign="bottom">
<p style="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; 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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(403)</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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="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: middle; height: 17px;">
<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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">333,764</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">415,378</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">(149,486)</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">(3,084)</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;">&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: center;"><font style="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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-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 style="font-weight: bold;">Income before financial </font><font style="font-weight: bold;">result</font><font style="font-weight: bold;"> and income and social contribution taxes</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: center;"><font style="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;">&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;">320,710</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;">438,049</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;">791,022</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;">947,349</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: bottom; height: 17px; 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-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>
<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: 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 income</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23</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;">17,281</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;">19,746</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;">176,890</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;">160,195</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 expenses</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23</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;">(4,587)</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;">(18,642)</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;">(356,859)</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;">(442,964)</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 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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">12,694</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">1,104</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">(179,969)</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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;">(282,769)</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 income and social contribution taxes</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: center;"><font style="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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">333,404</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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">439,153</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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">611,053</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; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">664,580</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: bottom; height: 17px;" valign="bottom">
<p style="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; 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;">&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;">&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;">&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;">&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;">&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;">&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;">&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 and social contribution taxes</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: center;"><font style="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>
<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: 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;">Current</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: 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; 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;">(10,592)</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;">(164,439)</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;">(87,864)</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;">Deferred</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: 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; 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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(558)</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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,913</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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(83,430)</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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(121,270)</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: bottom; height: 17px;" valign="bottom">
<p style="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; 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; border-top-width: 1px; border-top-style: solid; height: 17px; 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;">(558)</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; border-top-width: 1px; border-top-style: solid; height: 17px; 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;">(7,679)</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; border-top-width: 1px; border-top-style: solid; height: 17px; 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;">(247,869)</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; border-top-width: 1px; border-top-style: solid; height: 17px; 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;">(209,134)</font></p>








</td>





</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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; font-weight: bold;">Net income for the period</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: center;"><font style="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;">&nbsp;</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">332,846</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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">431,474</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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">363,184</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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">455,446</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; 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; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="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; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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;" valign="bottom">
<p style="margin: 0pt; page-break-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; vertical-align: bottom; height: 17px; 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-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;">332,846</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;">431,474</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;">332,846</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;">431,474</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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="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; 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;">30,338</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;">23,972</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: bottom; height: 17px; 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-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>
<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: 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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="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; 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;">&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;">&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;">&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;">&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;">&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;">&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;">&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; vertical-align: bottom; height: 17px; 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;">24</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;">0.3043</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;">0.3926</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;">0.3043</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;">0.3926</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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="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; 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;">0.2996</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;">0.3881</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;">0.2996</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;">0.3881</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;">&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 interim financial information.</font></p>
<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'>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="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; text-align: justify;"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 68px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="width: 50%; height: 17px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 68px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;" rowspan="4" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_14_142025152848360" class="customBookmark"><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: 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; float: none; display: inline !important;">Statements of comprehensive income</font></a></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><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; 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-weight: bold;">For the periods ended March 31,<font>&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; 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-weight: bold;">2025</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; 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-weight: bold;"><font>&nbsp;</font>and 2024</font></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; 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<font>&nbsp;</font></font>Reais<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; 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;">)</font></td>






</tr>













</table>
<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: 233px; 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: 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: 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: 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: 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;" valign="bottom">
<p style="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;" valign="bottom">
<p style="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: 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: 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: 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: bottom; height: 17px; 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;">03/31/2025</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;" valign="bottom">
<p style="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-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;">03/31/2024</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: 8pt;">&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;" valign="bottom">
<p style="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;">03/31/2025</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;" valign="bottom">
<p style="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-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;">03/31/2024</font></p>








</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 49%; 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;">Net income for the period, attributable to shareholders of Ultrapar</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; vertical-align: bottom; height: 17px; 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-left: 3pt; padding-right: 3pt; width: 10%; 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;">332,846</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; 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; width: 10%; 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;">431,474</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; 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; width: 10%; 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;">332,846</font></p>








</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; 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; width: 10%; 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;">431,474</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 period, attributable to non-controlling interests in subsidiaries</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: center;"><font style="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;">&#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; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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;">30,338</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;">23,972</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;">Net income for the period</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: center;"><font style="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; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">332,846</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">431,474</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">363,184</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">455,446</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;">Items that will be subsequently reclassified to profit or loss:</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: center;"><font style="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;">&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;">&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;">&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;">&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;">&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;">&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;">&nbsp;</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; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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: bottom; height: 10px; 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-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,747</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; page-break-after: avoid; page-break-inside: avoid; text-align: 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8,224</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; page-break-after: avoid; page-break-inside: avoid; text-align: 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,747</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; page-break-after: avoid; page-break-inside: avoid; text-align: 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8,224</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;">Translation adjustments and hedge accounting effects, net of taxes</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: center;"><font style="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;">3,414</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;">-</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;">3,414</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;">-</font></p>








</td>





</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">Total comprehensive income for the period</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: center;"><font style="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; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">343,007</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; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">439,698</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; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">373,345</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; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">463,670</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 period attributable to shareholders of Ultrapar</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: center;"><font style="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;">343,007</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;">439,698</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;">343,007</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;">439,698</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 period attributable to non-controlling interests in subsidiaries</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: center;"><font style="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;">30,338</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;">23,972</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;">&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 interim financial information.</font></p>
<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'>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>
<p style="margin: 0pt; text-align: justify;"><br></p>



</div>
<div>
<table style="width: 100%; margin-left: 0.1px; height: 68px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="width: 50%; height: 17px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 68px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;" rowspan="4" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>





</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bshe_142025155438910" class="customBookmark"><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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important;">Statements of changes in equity</font></a></td>





</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; 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-weight: bold;">For the periods ended March 31,&nbsp;</font><font style="color: #000000; 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-weight: bold;">2025</font><font style="color: #000000; 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-weight: bold;">&nbsp;and 2024</font></font></td>





</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><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; font-style: italic;">(In thousands of Brazilian&nbsp;Reais, except dividends per share</font><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; font-style: italic;">)</font></font></td>





</tr>











</table>
<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: 0px; font-family: 'times new roman'; font-size: 10pt; height: 292px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; 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: Aptos; font-size: 7pt;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px; padding-left: 0px; padding-right: 0px; 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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 7pt; font-weight: bold;">Profit reserves</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 7pt; font-weight: bold;">Equity attributable to:</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: Aptos; font-size: 7pt;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 67px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 67px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 67px; padding-left: 0px; padding-right: 0px; 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: 7pt; font-weight: bold;">Note</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Share capital</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Equity instrument granted</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Capital reserve</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Treasury shares</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Revaluation reserve of subsidiaries</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 67px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Legal reserve</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 67px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 67px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Investments statutory reserve</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Accumulated other comprehensive income</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Retained earnings</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Additional dividends to the minimum mandatory dividends</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 67px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Shareholders of Ultrapar</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 67px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 67px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Non-controlling interests (</font><font style="font-weight: bold; line-height: inherit;">i</font><font style="font-weight: bold; line-height: inherit;">)</font></font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 67px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Total equity</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 24%;" 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: 7pt; font-weight: bold;">Balance as of December 31, 2024</font></p>







</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt;">&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; width: 5%;" 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: 7pt; font-weight: bold;">6,621,752</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">108,253</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">612,048</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">(596,400)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">3,632</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">240,127</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">7,746,973</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">214,212</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">208,121</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">15,158,718</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">664,726</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&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; width: 5%;" 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: 7pt; font-weight: bold;">15,823,444</font></p>







</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px; height: 10px; vertical-align: bottom; 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: 7pt;">Net income for the period</font></p>







</td>
<td style="height: 10px; vertical-align: bottom; padding: 0px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">332,846</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">332,846</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">30,338</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding: 0px; height: 10px; 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: 7pt;">363,184</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<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; 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: 7pt;">Other comprehensive income</font></p>







</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; padding-left: 0px; padding-right: 0px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">10,161</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">10,161</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</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; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; background-color: #cceeff; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">10,161</font></p>







</td>





</tr>
<tr style="height: 20px;">
<td style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; 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: 7pt;">Total comprehensive income for the period</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">10,161</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">332,846</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">343,007</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">30,338</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; height: 20px; vertical-align: bottom; border-top-color: #000000 !important; 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: 7pt;">373,345</font></p>







</td>





</tr>
<tr style="height: 29px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.1; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Issuance of shares related to the subscription warrants - indemnification</font></p>







</td>
<td style="height: 29px; background-color: #cceeff; vertical-align: bottom; padding-left: 0px; padding-right: 0px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">1,126</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">1,126</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">1,126</font></p>







</td>





</tr>
<tr style="height: 20px;">
<td style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; 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: 7pt;">Equity instrument granted</font></p>







</td>
<td style="height: 20px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; 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: 7pt;">8.d; 20.b</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">15,111</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">41</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">15,152</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; 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: 7pt;">15,152</font></p>







</td>





</tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom; 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: 7pt;">Purchase of treasury shares</font></p>







</td>
<td style="height: 20px; background-color: #cceeff; vertical-align: bottom; padding-left: 0px; padding-right: 0px; 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: 7pt;">20.c</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">-</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">(114,299)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">(114,299)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; background-color: #cceeff; 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: 7pt;">(114,299)</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 0px; padding-right: 0px; height: 16px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.1; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Realization of revaluation reserve of subsidiaries</font></p>







</td>
<td style="height: 16px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; 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: 7pt;">-</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; 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: 7pt;">&#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; 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: 7pt; font-weight: bold;">&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; 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: 7pt;">&#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; 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: 7pt; font-weight: bold;">&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; 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: 7pt;">&#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; 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: 7pt;">&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; 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: 7pt;">&#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; 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: 7pt;">&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; 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: 7pt;">(46)</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; 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: 7pt;">&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; 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: 7pt;">&#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; 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: 7pt;">&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; 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: 7pt;">&#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; 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: 7pt;">&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; 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: 7pt;">&#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; 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: 7pt;">&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; 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: 7pt;">&#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; 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: 7pt;">&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; 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: 7pt;">&#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; 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: 7pt;">&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; 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: 7pt;">(46)</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; 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: 7pt;">&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; 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: 7pt;">&#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; 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: 7pt;">&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; 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: 7pt;">(46)</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<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; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.1; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Shareholder transaction - changes of ownership interest</font></p>







</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom; padding-left: 0px; padding-right: 0px; 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: 7pt;">-</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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">&#8208;</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; 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: 7pt;">&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; 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: 7pt;">(142)</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; 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: 7pt;">&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; 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: 7pt;">(142)</font></p>







</td>





</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; 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: 7pt;">Dividends attributable to non-controlling interests</font></p>







</td>
<td style="height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; 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: 7pt;">-</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">(53)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">(53)</font></p>







</td>





</tr>
<tr style="height: 29px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.1; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Approval of additional dividends by the Ordinary General Shareholders&#8217; Meeting</font></p>







</td>
<td style="height: 29px; background-color: #cceeff; vertical-align: bottom; padding-left: 0px; padding-right: 0px; 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: 7pt;">20.e</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">(208,121)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">(208,121)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 29px; background-color: #cceeff; 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: 7pt;">(208,121)</font></p>







</td>





</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: bottom; 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: 7pt; font-weight: bold;">Balance as of March 31, 2025</font></p>







</td>
<td style="height: 18px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">6,621,752</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">123,364</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">613,215</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">(710,699)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">3,586</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">240,127</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">7,746,973</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">224,373</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">332,846</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">15,195,537</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">694,869</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; border-top-color: #000000 !important; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">15,890,406</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: 8pt; font-style: italic;">&nbsp;</font></p>



</div>


</div>


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

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




</tr>









</table>




</div>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
<div>
<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; text-align: justify;"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 68px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="width: 50%; height: 17px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 68px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;" rowspan="4" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>





</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><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: 0px; text-transform: none; widows: 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;">Statements of changes in equity</font></td>





</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; 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-weight: bold;">For the periods ended March 31,&nbsp;</font><font style="color: #000000; 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-weight: bold;">2025</font><font style="color: #000000; 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-weight: bold;">&nbsp;and 2024</font></font></td>





</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><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; font-style: italic;">(In thousands of Brazilian&nbsp;Reais, except dividends per share</font><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; font-style: italic;">)</font></font></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: 8pt; font-style: italic;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 258px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 20px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; 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: 7pt; font-weight: bold;">Profit reserves</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px;">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px;">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; 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: 7pt; font-weight: bold;">Equity attributable to:</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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: 7pt;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 104px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; 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="color: #0563c1; font-family: 'times new roman', times; font-size: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">Note</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Share capital</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Equity instrument granted</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Capital reserve</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Treasury shares</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Revaluation reserve of subsidiaries</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 104px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Legal reserve</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 104px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 104px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Investments statutory reserve</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Accumulated other comprehensive income</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Retained earnings</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Additional dividends to the minimum mandatory dividends</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 104px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Shareholders of Ultrapar</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 104px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 104px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Non-controlling interests (</font><font style="font-weight: bold; line-height: inherit;">i</font><font style="font-weight: bold; line-height: inherit;">)</font></font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 104px; margin: 0px; text-indent: 0px;border-bottom-width: 1pt ;border-bottom-style: solid ;border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 7pt; font-weight: bold; line-height: inherit;">Total equity</font></p>







</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 24%;" 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: 7pt; font-weight: bold;">Balance as of December 31, 2023</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" valign="bottom">
<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">6,621,752</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">75,925</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">597,828</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">(470,510)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">3,802</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">121,990</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">6,267,569</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">154,108</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">134,031</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">13,506,495</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">523,331</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.5%;" 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 5%;" 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: 7pt; font-weight: bold;">14,029,826</font></p>







</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; 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: 7pt;">Net income for the period</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt;">-</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">431,474</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">431,474</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">23,972</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">455,446</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; 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: 7pt;">Other comprehensive income</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt;">-</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">8,224</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">8,224</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; height: 10px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">8,224</font></p>







</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; 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: 7pt;">Total comprehensive income for the period</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">8,224</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">431,474</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">439,698</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">23,972</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">463,670</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Issuance of shares related to the subscription warrants - indemnification</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt;">-</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">5,631</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">5,631</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">5,631</font></p>







</td>





</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; 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: 7pt;">Equity instrument granted</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt;">8.d; 20.b</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">9,937</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">4</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
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<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: 7pt;">480</font></p>







</td>
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<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: 7pt;">&nbsp;</font></p>







</td>
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<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: 7pt;">&#8208;</font></p>







</td>
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<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
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<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
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<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
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<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
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<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">10,421</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; 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: 7pt;">10,421</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Realization of revaluation reserve of subsidiaries</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt;">-</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
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<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
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<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
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<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">(44)</font></p>







</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
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<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">54</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">10</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">10</font></p>







</td>





</tr>
<tr style="height: 15px;">
<td style="padding-left: 0px; padding-right: 0px; height: 15px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.1; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Shareholder transaction - changes of ownership interest</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&#8208;</font></p>







</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">257</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 15px; 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: 7pt;">257</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Approval of additional dividends by the Ordinary General Shareholders&#8217; Meeting</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt;">-</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">(134,031)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">(134,031)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; 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: 7pt;">(134,031)</font></p>







</td>





</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: bottom; 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: 7pt; font-weight: bold;">Balance as of March 31, 2024</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<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: 7pt;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">6,621,752</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">85,862</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">603,463</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">(470,030)</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">3,758</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">121,990</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">6,267,569</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">162,332</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">431,528</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">&#8208;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">13,828,224</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">547,560</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 7pt; font-weight: bold;">&nbsp;</font></p>







</td>
<td style="padding-left: 0px; padding-right: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">14,375,784</font></p>







</td>





</tr>













</table>
<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>
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(i) Are substantially represented by non-controlling shareholders of Iconic.</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: 9pt;">&nbsp;</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: 9pt;">The accompanying notes are an integral part of the interim financial information.</font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; 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'>13</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;">
<table style="width: 100%; margin-left: 0.1px; height: 68px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="width: 50%; height: 17px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 68px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;" rowspan="4" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#TOC" name="BSD_23_14202517432331" class="customBookmark"><font style="color: #000000; font-family: Aptos; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 9.46667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important;">Statements of cash flows - indirect method</font></a></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><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; 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-weight: bold;">For the periods ended March 31,<font>&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; 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-weight: bold;">2025</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; 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-weight: bold;"><font>&nbsp;</font>and 2024</font></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><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; font-family: Aptos; font-size: 9pt; font-style: italic;"><font style="color: #000000; font-family: Aptos; 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<font>&nbsp;</font></font>Reais<font style="color: #000000; font-family: Aptos; 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;">)</font></font></td>








</tr>

















</table>
<div>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 11pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 575px; 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: 10pt;">&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: 21px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<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: middle; height: 21px;">
<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: 21px; 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;">03/31/2025</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px; 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;">&nbsp;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px; 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;">03/31/2024</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px;">
<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: middle; height: 21px; 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;">03/31/2025</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px; 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;">&nbsp;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 21px; 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;">03/31/2024</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; width: 49%;" 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; background-color: #cceeff; vertical-align: bottom; width: 8%;" 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; background-color: #cceeff; vertical-align: bottom; width: 10%;" 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; background-color: #cceeff; vertical-align: bottom; width: 1%;" 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; background-color: #cceeff; vertical-align: bottom; width: 10%;" 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; background-color: #cceeff; vertical-align: bottom; width: 1%;" 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; background-color: #cceeff; vertical-align: bottom; width: 10%;" 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; background-color: #cceeff; vertical-align: bottom; width: 1%;" 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; background-color: #cceeff; vertical-align: bottom; width: 10%;" 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</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;">332,846</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; 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;">431,474</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">363,184</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">455,446</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;"><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: 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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&nbsp;</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; 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 and amortization of fair value adjustments on associates acquisition</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;">11</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;">(333,764)</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;">(415,378)</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;">149,486</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;">3,084</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; font-weight: bold;">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;">105,489</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">132,658</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; 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;">750</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">604</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">78,387</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">71,071</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; font-weight: bold;">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;">4,087</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">3,122</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">225,684</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">208,704</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, 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-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;">(9,584)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">9,088</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">231,068</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">386,320</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; font-weight: bold;">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;">558</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">7,678</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">247,869</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">209,134</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;">Gain (loss) on disposal or write-off of 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;">-</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(35,280)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(15,996)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(72,047)</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-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;">15,111</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">4,973</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">15,111</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">10,421</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; 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;">&#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;">(8,518)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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</font></p>











</td>
<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;">116,422</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">182,942</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;">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-weight: bold;">-</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;">(12,183)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(3,214)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">2,753</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">51,036</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; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">(2,21</font><font style="font-weight: bold;">0</font><font style="font-weight: bold;">)</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; 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">3,067</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,510,939</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,638,769</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;"><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; 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;">Trade receivables and 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</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">20,842</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">177,476</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;">(216,476)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(77,210)</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;">Recoverable taxes</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;">-</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;">(3,185)</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;">11,341</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;">294,764</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;">363,742</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;">Dividends received from subsidiaries, associates and joint ventures</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;">-</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;">607,549</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;">413,627</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;">1,112</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;">850</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 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;">(11,025)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(3,950)</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;">&nbsp;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(16,641)</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(137,681)</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; 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;"><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; 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;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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 payables and 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: 'times new roman', times; font-size: 10pt; font-weight: bold;">16</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,962)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">5,404</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(998,121)</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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,340,189)</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;">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: '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;">(13,923)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(18,923)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(109,684)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(145,894)</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;">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: '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;">(494)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(725)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">16,937</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(4,474)</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;">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: '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;">(84)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(7,770)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(304,654)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(450,025)</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 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-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;">9,268</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">12,338</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">49,614</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(41,501)</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;">Acquisition of 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-weight: bold;">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;">&#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;">(153,096)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(338,067)</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;">Payments of 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; font-weight: bold;">10</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(58,113)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(91,948)</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;">Payment of contingencies</font></p>











</td>
<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;">(8,906)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(30,896)</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;"><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: 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;">-</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; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><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; 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: 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; 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;">(25,498)</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; 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;">(102,872)</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; font-weight: bold;">Net cash provided (consumed) by operating activities</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;">&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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">579,93</font><font style="font-weight: bold;">4</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; 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: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">414,409</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; font-weight: bold;">&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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">3,019</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; font-weight: bold;">&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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(579,920)</font></p>











</td>

</tr>













</table>






</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;" 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="width: 8.5in; margin: 0 auto;">
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 68px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="width: 50%; height: 17px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 68px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;" rowspan="4" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><font style="color: #000000; font-family: Aptos; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 9.46667px; text-transform: none; widows: 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;">Statements of cash flows - indirect method</font></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><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; 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-weight: bold;">For the periods ended March 31,<font>&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; 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-weight: bold;">2025</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; 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-weight: bold;"><font>&nbsp;</font>and 2024</font></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><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; font-family: Aptos; font-size: 9pt; font-style: italic;"><font style="color: #000000; font-family: Aptos; 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<font>&nbsp;</font></font>Reais<font style="color: #000000; font-family: Aptos; 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;">)</font></font></td>








</tr>

















</table>
<div><br></div>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 538px; width: 100%;" width="100%">

<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: 10pt;">&nbsp;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<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: 10px; 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: 10px;">
<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: 10px; 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: 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: 10pt;">&nbsp;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<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: 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;">03/31/2025</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;">
<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: middle; 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;">03/31/2024</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<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: middle; 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;">03/31/2025</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;">
<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: middle; 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;">03/31/2024</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; width: 49%;" valign="bottom">
<p style="margin: 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: 10px; background-color: #cceeff; vertical-align: bottom; width: 8%;" 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: 10px; background-color: #cceeff; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><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; width: 1%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><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; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><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; width: 1%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><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; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><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; width: 1%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><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; width: 10%;" 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;">Financial investments, net of redemptions</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;">4.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;">14,871</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">145,344</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">1,244,432</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(1,546,977)</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;">Acquisition 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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">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;">(1,069)</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; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(70,409)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(381,891)</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;">(326,198)</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; 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;">(3,000)</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;">-</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">-</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-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;">-</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">10,313</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">14,467</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">89,371</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 by subsidiaries acquisition</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; 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;">(173,298)</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; 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;">(49,736)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">&#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; 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;">&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;">10,802</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; 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;">(88,050)</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; 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;">827,272</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(1,783,804)</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;"><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; 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;">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; 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;">&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;">&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;">&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;">&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;">&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;">&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;">&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; 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; 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: 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; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,682,044</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,348,933</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; 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;">(2,077,454)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(136,596)</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; 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;">-</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">7,838</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;">(336,895)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(426,611)</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; 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;">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; font-weight: bold;">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;">(759)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(523)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(53,984)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(71,902)</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; 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;">(184)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(247)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(33,280)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(48,423)</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 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-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;">(487,165)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(437,539)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(487,502)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(437,525)</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;">Payments of 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-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;">&#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;">(35,216)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(40,575)</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;">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; 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;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">Repurchase of 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;">&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;">(96,774)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(96,774)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">Related parties</font></p>











</td>
<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; 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></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(200)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(3,381)</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; 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;">(8,396)</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; font-weight: bold;">Net cash provided (consumed) by financing 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;">(584,882)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(430,671)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(1,442,442)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">178,905</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;">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-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: 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; 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: right;"><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; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(23,354)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,683</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;">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-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;">5,854</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(104,312)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(635,505)</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(2,178,136)</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;">Cash and cash equivalents at the beginning of the period</font></p>











</td>
<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;">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;">4,186</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">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;">2,071,593</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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>









</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;">Cash and cash equivalents at the end of the period</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;">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;">10,040</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">308,528</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;">1,436,088</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">3,747,552</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;">Non-cash transactions:</font></p>











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











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">Addition on right-of-use assets and 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;">&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;">77,230</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;">68,326</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 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;">&nbsp;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">17,426</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">16,194</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;">4,355</font></p>











</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; 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 buyback</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">17,525</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; background-color: #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: 15px; background-color: #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: 15px; background-color: #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: 15px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">17,525</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 15px; background-color: #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: 15px; background-color: #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>





















</table>
<p style="margin: 0px; text-indent: 0px;"><br><font style="font-family: 'times new roman', times; font-size: 10pt;">The accompanying notes are an integral part of the interim financial information.</font></p>
<p style="margin: 0pt;"><br></p>




</div>



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

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><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><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin:0pt"><br></p>
<div>
<table style="width: 100%; margin-left: 0.1px; height: 68px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="width: 50%; height: 17px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 68px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;" rowspan="4" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_24_142025174323578" class="customBookmark"><font style="color: #000000; font-family: Aptos; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important;">Statements of value added</font></a></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><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; 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-weight: bold;">For the periods ended March 31,<font>&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; 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-weight: bold;">2025</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; 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-weight: bold;"><font>&nbsp;</font>and 2024</font></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><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; font-family: Aptos; font-size: 9pt; font-style: italic;"><font style="color: #000000; font-family: Aptos; 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<font>&nbsp;</font></font>Reais<font style="color: #000000; font-family: Aptos; 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;">)</font></font></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: 671px; 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: 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: 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; 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; 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; 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: 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;">&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: 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: 10px; 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;">03/31/2025</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;">
<p style="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: 10px; 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;">03/31/2024</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: 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: 10px; 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;">03/31/2025</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;">
<p style="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: 10px; 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;">03/31/2024</font></p>









</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 49%; 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;">Revenues</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 8%; 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="vertical-align: middle; height: 10px; 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;">&nbsp;</font></p>









</td>
<td style="vertical-align: middle; height: 10px; 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;">&nbsp;</font></p>









</td>
<td style="vertical-align: middle; height: 10px; 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;">&nbsp;</font></p>









</td>
<td style="vertical-align: middle; height: 10px; 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;">&nbsp;</font></p>









</td>
<td style="vertical-align: middle; height: 10px; 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;">&nbsp;</font></p>









</td>
<td style="vertical-align: middle; height: 10px; 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;">&nbsp;</font></p>









</td>
<td style="vertical-align: middle; height: 10px; 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;">&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;">Gross revenue from sales and services, except rents and royalties</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; 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;">&#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;">34,638,544</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;">31,629,465</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;">Rebates, discounts and returns</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; 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;">(224,040)</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;">(249,380)</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;">Allowance for expected credit losses</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;">5</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;">&#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;">(496)</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;">(14,680)</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;">Amortization of contractual assets with customers - exclusivity rights</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;">10</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;">(105,489)</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;">(132,658)</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; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gain (loss) on disposal of assets and other operating income (expenses), net</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: 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-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;">(419)</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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;">35,260</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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;">(81,196)</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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;">(95,600)</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; 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; 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; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(419)</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">35,260</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">34,227,323</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31,137,147</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;">Materials purchased from third parties</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; 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;">&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;">&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;">&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;">&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;">&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;">&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;">Cost of products and services sold</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; 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;">(31,327,877)</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;">(28,432,775)</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;">Materials, energy, third-party services and others</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; 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;">57,700</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;">48,556</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;">(443,967)</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;">(325,076)</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; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">57,700</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48,556</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(31,771,844)</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(28,757,851)</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 value added</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; vertical-align: middle; 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;">57,281</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; 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;">83,816</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; 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;">2,455,479</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; 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;">2,379,296</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;">Retentions</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; 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;">&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;">&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;">&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;">&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;">&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;">&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; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation and amortization of intangible assets and right-of-use assets</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<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: 10pt; line-height: inherit;">12.a; 13; 14</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,837)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">(3,726)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">(304,071)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">(279,775)</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 value added produced by the Company</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; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">52,444</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">80,090</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,151,408</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,099,521</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;">Value added received in transfer</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; 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;">&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;">&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;">&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;">&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;">&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;">&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;">Total share of profit (loss) of subsidiaries, joint ventures and associates</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;">11</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;">333,764</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;">415,378</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;">(149,486)</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;">(3,084)</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;">Rents and royalties</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: center;"><font 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: 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;">&#8208;</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;">&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;">&#8208;</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;">&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;">79,494</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;">&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;">78,826</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;">Financial income</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;">23</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">17,281</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">19,746</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">176,890</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">160,195</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; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">351,045</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; 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;">435,124</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; 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;">106,898</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; 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;">235,937</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;">Total value added available for distribution</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">403,489</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; 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;">515,214</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; 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;">2,258,306</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; 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;">2,335,458</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;">Distribution of value added</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; 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;">&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;">&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;">&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;">&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;">&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;">&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;">Personnel and related charges</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; 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;"><font 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;"><font 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>









</td>
<td style="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>





</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;">Salaries and wages</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; 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;">49,017</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;">39,334</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;">400,276</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;">359,182</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;">Benefits</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; 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;">6,914</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;">5,787</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;">113,763</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;">110,577</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;">Government Severance Indemnity Fund for Employees (FGTS)</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; 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;">1,657</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;">1,696</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;">26,102</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;">26,998</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;">Others</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; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">917</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,972</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25,489</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">29,907</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; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">58,505</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; 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;">50,789</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; 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;">565,630</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; 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;">526,664</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;">Taxes, fees, and contributions</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; 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;">&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;">&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;">&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;">&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;">&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;">&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; 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; 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; 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;">6,084</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;">12,978</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;">804,723</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;">726,119</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;">State</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; 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;">113,301</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;">132,058</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 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; vertical-align: middle; height: 10px;">
<p style="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; vertical-align: middle; height: 10px; 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;">25</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; 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;">47</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; 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;">39,650</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; 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;">42,119</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;">&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; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,109</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,025</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">957,674</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">900,296</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;">Financial expenses and rents</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; 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;">&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;">&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;">&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;">&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;">&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;">&nbsp;</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 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; 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; 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;">875</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;">&nbsp;</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;">476</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;">&nbsp;</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;">307,020</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;">&nbsp;</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;">385,750</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;">Rents</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; 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;">1,097</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;">1,979</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;">32,921</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;">22,851</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 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; 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; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; 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;">4,057</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; 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;">17,471</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; 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;">31,877</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; 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;">44,451</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 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; vertical-align: middle; height: 10px;">
<p style="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; vertical-align: middle; height: 10px; 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;">6,029</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;">&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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">19,926</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;">&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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">371,818</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;">&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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">453,052</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;">Remuneration of own capital</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; 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;">&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;">&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;">&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;">&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;">&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;">&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 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; vertical-align: middle; height: 10px;">
<p style="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; vertical-align: middle; height: 10px; 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;">332,846</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; 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;">431,474</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; 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;">363,184</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; 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;">455,446</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;">&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; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">332,846</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">431,474</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">363,184</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">455,446</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; font-weight: bold;">Value added distributed</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: center;"><font 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: 10px; 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;">403,489</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; 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;">515,214</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; 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;">2,258,306</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;">&nbsp;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; 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;">2,335,458</font></p>









</td>





</tr>















</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 8pt;">The accompanying notes are an integral part of the interim financial information.</font></p>




</div>



</div>
<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;"><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'>16</font></font></td>






</tr>













</table>
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</div><div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
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<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







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<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>







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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><br></p>
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<div style="background-color: #002060; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Ba1_1420251338965" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1. Operations</font></a></div>
<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; line-height: inherit;">&nbsp;</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; 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: 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; line-height: inherit;">&nbsp;</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; 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: 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; line-height: inherit;">&nbsp;</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; line-height: inherit;">This interim financial information was authorized for issuance by the Board of Directors on May 7, 2025.</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; 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; font-weight: bold; line-height: inherit;">a. Principles of consolidation and interest in subsidiaries </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; 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; font-style: italic; font-weight: bold; line-height: inherit;">a.1 Principles of consolidation</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; line-height: inherit;">&nbsp;</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; line-height: inherit;">In the preparation of the consolidated interim financial information 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: 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; line-height: inherit;">&nbsp;</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; 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: 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; line-height: inherit;">&nbsp;</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; line-height: inherit;">When necessary, adjustments are made to the financial information of subsidiaries to bring their accounting policies into line with the Company&#8217;s accounting policies.</font></p>






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<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; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>17</font></font></td>












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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>












</div>
<p style="margin:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>







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<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></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.2 Interest in subsidiaries</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; line-height: inherit;">&nbsp;</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; line-height: inherit;">The consolidated interim financial information includes the following direct and indirect subsidiaries:</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 407px; 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: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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: 7.5pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" 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; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="7" style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 43.2412%; 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; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest % rounded</font></p>














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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" 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; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 20.6124%; 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; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">03/31/2025</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 20.5377%; 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; text-align: center; widows: 0;"><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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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; width: 32.3376%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; width: 3.21135%;" 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; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; width: 9.55937%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; width: 9.48469%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; width: 2.09111%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; width: 20.6124%; 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; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Control</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; width: 2.09111%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; width: 20.5377%; 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; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Control</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" 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; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Location</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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; text-align: center; widows: 0;"><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: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; 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; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Direct</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; 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; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Indirect</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; 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; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Direct</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; 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; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Indirect</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultra Mobilidade S.A. <font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(1)</font></sup></font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; 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: '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; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" valign="bottom">
<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: 10pt; line-height: inherit;">Centro de Conveni&#234;ncias Millennium Ltda. and subsidiaries <font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(2)</font></sup></font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 17.95pt; 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;">am/pm Comest&#237;veis Ltda. <font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(3)</font></sup></font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; 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: '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; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" valign="bottom">
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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: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</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: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














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</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" valign="bottom">
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</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">60</font></p>














</td>
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</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
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</td>













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</td>
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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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" valign="bottom">
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</td>













</tr>
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</td>
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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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
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</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" valign="bottom">
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</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">Glazed Brasil S.A. (&#8220;Krispy Kreme&#8221;)</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">55</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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: 10pt; line-height: inherit;">Ipiranga Trading Limited</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">British Virgin Islands</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">Ipiranga Imobili&#225;ria Ltda.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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: 10pt; line-height: inherit;">Ipiranga Log&#237;stica Ltda.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">Oil Trading Importadora e Exportadora Ltda.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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: 10pt; line-height: inherit;">Iconic Lubrificantes S.A. </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">56</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">56</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">Integra Frotas Ltda.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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: 10pt; line-height: inherit;">Irup&#233; Biocombust&#237;veis Ltda<font style="vertical-align: super; line-height: inherit;">.</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">Ipiranga Trading North America LLC.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">United States</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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: 10pt; line-height: inherit;">Ipiranga Trading Middle East DMCC</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Dubai</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">Ipiranga Trading Europe S.A.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Switzerland</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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: 10pt; line-height: inherit;">Ea&#237; Clube Automobilista S.A.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">Abastece A&#237; Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" valign="bottom">
<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: 10pt; line-height: inherit;">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; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ipiranga </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Companhia Ultragaz S.A.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">99</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">99</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" valign="bottom">
<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: 10pt; line-height: inherit;">Ultragaz Energia Ltda. and subsidiaries</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ultragaz</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">Nova Paran&#225; Distribuidora de G&#225;s Ltda.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" valign="bottom">
<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: 10pt; line-height: inherit;">Uting&#225;s Armazenadora S.A.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ultragaz</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">57</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">57</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">Bahiana Distribuidora de G&#225;s Ltda. </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" valign="bottom">
<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: 10pt; line-height: inherit;">NEOg&#225;s do Brasil G&#225;s Natural Comprimido S.A<font style="vertical-align: super; line-height: inherit;">.</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ultragaz</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">Wtz Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">52</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">52</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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: 10pt; line-height: inherit;">UVC Investimentos Ltda.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Others</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar Log&#237;stica Ltda.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; 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: '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; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" valign="bottom">
<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: 10pt; line-height: inherit;">Ultracargo Log&#237;stica S.A. <font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(4)</font></sup></font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ultracargo</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">99</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">Ultracargo Solu&#231;&#245;es Log&#237;sticas S.A.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; text-align: center; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" valign="bottom">
<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: 10pt; line-height: inherit;">100</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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: 10pt; line-height: inherit;">Ultracargo Log&#237;stica S.A.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; text-align: center; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Ultracargo</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" valign="bottom">
<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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" valign="bottom">
<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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" valign="bottom">
<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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" valign="bottom">
<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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" valign="bottom">
<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: 10pt; line-height: inherit;">-</font></p>














</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar International S.A.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%; 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: '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; vertical-align: bottom; width: 9.55937%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Luxembourg</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; 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: '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; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%; background-color: #cceeff;" 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: 10pt; line-height: inherit;">-</font></p>














</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 32.3376%;" 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: 10pt; line-height: inherit;">Imaven Im&#243;veis Ltda.</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 3.21135%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.55937%;" 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: 10pt; line-height: inherit;">Brazil</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.48469%;" 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: 10pt; line-height: inherit;">Others</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.18596%;" 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: 10pt; line-height: inherit;">100</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.09111%;" 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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 9.26064%;" 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: 10pt; line-height: inherit;">-</font></p>














</td>













</tr>




























</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><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; line-height: inherit;" class="pageno"><font class='pageno'>18</font></font></td>











</tr>























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











</div>
<p style="margin:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>







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<td style="width: 3%; height: 17px; 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: 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; line-height: inherit; display: inline !important;">(1)</font></td>
<td style="width: 97%; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="text-align: justify; line-height: inherit;">On January 2, 2025, the name of subsidiary&nbsp;</font>Ultrapar<font style="text-align: justify; line-height: inherit;">&nbsp;</font>Mobilidade<font style="text-align: justify; line-height: inherit;">&nbsp;</font>Ltda<font style="text-align: justify; line-height: inherit;">. was changed to Ultra&nbsp;</font>Mobilidade<font style="text-align: justify; line-height: inherit;">&nbsp;S.A.</font></font></td>












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<td style="height: 17px; 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: 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; line-height: inherit; display: inline !important;">(2)</font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="text-align: justify; line-height: inherit;">On January, 2025, indirect subsidiary&nbsp;</font>Centro<font style="text-align: justify; line-height: inherit;">&nbsp;de&nbsp;</font>Conveni&#234;ncias<font style="text-align: justify; line-height: inherit;">&nbsp;</font>Millenium<font style="text-align: justify; line-height: inherit;">. and subsidiaries started being directly controlled by am/pm&nbsp;</font>Comest&#237;veis<font style="text-align: justify; line-height: inherit;">&nbsp;</font>Ltda<font style="text-align: justify; line-height: inherit;">.</font></font></td>












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<td style="height: 19px; 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: 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; line-height: inherit; display: inline !important;">(3)</font><br></td>
<td style="height: 19px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="text-align: justify; line-height: inherit;">On January, 2025, indirect subsidiary am/pm&nbsp;</font>Comest&#237;veis<font style="text-align: justify; line-height: inherit;">&nbsp;</font>Ltda<font style="text-align: justify; line-height: inherit;">. started being directly controlled by Ultra&nbsp;</font>Mobilidade<font style="text-align: justify; line-height: inherit;">&nbsp;S.A.</font></font></td>












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<td style="height: 17px; 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: 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; line-height: inherit; display: inline !important;">(4)</font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="text-align: justify; line-height: inherit;">On January 2, 2025, indirect subsidiary&nbsp;</font>Ultracargo<font style="text-align: justify; line-height: inherit;">&nbsp;</font>Log&#237;stica<font style="text-align: justify; line-height: inherit;">&nbsp;S.A started being directly controlled by&nbsp;</font>Ultrapar<font style="text-align: justify; line-height: inherit;">.</font></font></td>












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<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: 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. Main events that occurred in the period</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; 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;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">b1. Acquisition of significant stake in </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Hidrovias</font></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; line-height: inherit;">&nbsp;</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; line-height: inherit;">During the period ended March 31, 2025, the Company, through its subsidiary Ultrapar Log&#237;stica, acquired additional shares in Hidrovias do Brasil S.A (&#8220;Hidrovias&#8221;), reaching an interest of 42.26% in the share capital of this investee (41.94% as of December 31, 2024). For further information, see Note 27.a.</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; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Ba2_142025133848462" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2. Basis of preparation and presentation of individual and consolidated interim financial information </font></a></div>
<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; line-height: inherit;">&nbsp;</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; line-height: inherit;">The individual and consolidated interim financial information ("interim financial information"), identified as Parent and Consolidated, was prepared in accordance with the International Accounting Standard ("IAS") 34 &#8211; Interim Financial Reporting issued by the International Accounting Standards Board ("IASB"), and in accordance with the pronouncement CPC 21 (R1) &#8211; Interim Financial Reporting, issued by the Brazilian Accounting Pronouncements Committee (&#8220;CPC&#8221;), approved by the Brazilian Federal Accounting Council (&#8220;CFC&#8221;) and presented in accordance with the rules issued by the Securities and Exchange Commission of Brazil (&#8220;CVM&#8221;).</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; line-height: inherit;">&nbsp;</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; line-height: inherit;">The Company&#8217;s interim financial information is presented in thousands of Brazilian Real ("R$"), which is the Company&#8217;s functional currency, and the interim financial information was prepared using information from Ultrapar and its subsidiaries on the same base date, unless otherwise stated.&nbsp; </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; line-height: inherit;">&nbsp;</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; line-height: inherit;">The preparation of the interim financial information requires management to make judgments, use estimates and adopt 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.&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For the three-month period ended March 31, 2025, no changes were observed in such judgments, estimates and assumptions in relation to those disclosed as of December 31, 2024.</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;">&nbsp;</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; line-height: inherit;">The interim financial information has been prepared on a historical cost basis, except for the following material items recognized in the statements of financial position:</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; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i)<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;&nbsp;&nbsp;</font>derivative and non-derivative financial instruments measured at fair value;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(ii)<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>share-based payments and employee benefits measured at fair value;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(iii)<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;</font>deemed cost of property, plant and equipment.</font></p>




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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







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<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>







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<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; 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; line-height: inherit;">This interim financial information was prepared using consistent accounting policies and practices on Ultrapar and its subsidiaries. </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; line-height: inherit;">&nbsp;</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;">This interim financial information should be read together with the individual and consolidated financial statements of the Company for the year ended December 31, 2024 since its objective is to provide an update of the significant activities, events and circumstances and does not duplicate previously disclosed information, except when Management considers it relevant to maintain certain information.</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; line-height: inherit;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Ba3_14202513397744" 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: 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; text-align: justify; line-height: 1.2; text-indent: 0px;"><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 the Brazilian Accounting Pronouncements Committee (&#8220;CPC&#8221;).</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; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px; 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: 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;">&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.1 Accounting policies adopted</font><br></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; line-height: inherit;">The following guidance issued in the CPC effective on or after January 1, 2025 was evaluated and does not change the accounting practice adopted by the Company:</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="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; line-height: inherit;">OCPC 10 &#8211; Carbon<font style="line-height: inherit;">&nbsp;</font>Cre</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: 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; line-height: inherit;">s</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: 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; line-height: inherit;">dit</font></li>











</ul>
<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.2 Accounting policies not adopted</font><br></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; line-height: inherit;">The following new standards, amendments to standards and interpretations of IFRS Accounting Standards issued by the International Accounting Standards Board&nbsp;<font style="color: #000000; font-family: Aptos, sans-serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: 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;">&#8211;</font> IASB have been not adopted since they are not effective in the period ended March 31, 2025. The Company and its subsidiaries plan to adopt these new standards, amendments and interpretations, if applicable, when they become effective and do not expect a material impact of their adoption on their future individual and consolidated financial statements.</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="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; line-height: inherit;">IFRS 18 &#8211; Presentation and Disclosure in Financial Statements</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="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; 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; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><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; line-height: inherit;">IFRS 19 &#8211; Subsidiaries without Public Accountability</font></li>











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<div style="background-color: #002060; margin: 0px; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Ba4_142025133921598" 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 and derivative financial instruments </font></a></div>
<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; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash equivalents and financial investments, excluding cash and bank deposits, are substantially represented by investments: (i) in Brazil, in certificates of deposit of financial institutions linked to interest rate of the Interbank Deposits ("DI"), in repurchase agreement, financial bills, private securities and in short-term investment funds, whose portfolio is comprised of Brazilian Federal Government bonds and certificates of deposit of financial institutions; (ii) outside Brazil, in certificates of deposit of financial institutions and in short-term investment funds, whose portfolio is comprised of Federal Government bonds; and (iii) in derivative financial instruments. </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; line-height: inherit;">&nbsp;</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;">The financial assets were classified based on the business model of the Company and its subsidiaries and are disclosed in Note 26.</font></p>






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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>20</font></font></td>












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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>












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<p style="margin: 0px; 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;"><font style="font-style: italic; font-weight: bold; line-height: inherit;"><br></font></font></p>
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<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







</tr>
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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>







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</table>
<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;"><font style="font-style: italic; font-weight: bold; line-height: inherit;"><br></font></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;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">a.&nbsp;</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Cash and cash equivalents</font></font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><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: 195px; width: 100%;" width="100%">

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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" 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;">
<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>
<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;">
<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; vertical-align: bottom; height: 15px; 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>














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</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<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; height: 15px; 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;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<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: 15px; 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: 15px;">
<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: 15px; 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;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<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: 15px; 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>














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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; 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; line-height: inherit;">Cash and banks</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; 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: 15px; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; 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="vertical-align: bottom; height: 15px; width: 10%; 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; height: 15px; 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: 15px; width: 10%; 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: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<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;">In local currency</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">594</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">120</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">252,305</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">211,047</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;">
<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;">In foreign currency</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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: 15px; 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: 15px; 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: 15px; 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: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,988</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">194,793</font></p>














</td>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments considered cash equivalents</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&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;">
<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;">In local currency</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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: 15px; 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: 15px; 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: 15px; 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: 15px; 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: 15px; 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: 15px; 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: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<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;">Securities and funds in local currency</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">9,446</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">4,066</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">1,048,012</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">1,286,152</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;">
<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;">In foreign currency</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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: 15px; 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: 15px; 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: 15px; 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: 15px; 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: 15px; 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: 15px; 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: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<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;">Securities and funds in foreign currency</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">113,783</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">379,601</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;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total cash and cash equivalents</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,040</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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: 15px; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,186</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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: 15px; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,436,088</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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: 15px; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,071,593</font></p>














</td>











</tr>


























</table>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 12pt; 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; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">b. </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Financial</font><font style="font-style: italic; font-weight: bold; line-height: inherit;"> investments, derivative financial instruments and other financial assets</font></font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 11pt; 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: 149px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; 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; 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; font-weight: bold; line-height: inherit;">Parent</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: 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; 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; 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; font-weight: bold; line-height: inherit;">Consolidated</font></p>














</td>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; font-weight: bold; line-height: inherit;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; 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: 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; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; 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: 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; font-weight: bold; line-height: inherit;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; 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: 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; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>











</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 57%; height: 10px; 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;">In local currency</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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; width: 1%; 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; width: 10%; 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; width: 1%; 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; width: 10%; 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; width: 1%; 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; width: 10%; 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>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<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;">Securities and funds in local currency</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;">313,817</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;">&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;">320,101</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;">&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;">1,077,382</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;">&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;">2,271,979</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;">
<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;">In foreign currency</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-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: bottom; height: 15px;">
<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;">Securities and funds in foreign currency <font style="font-size: 8pt;"><sup>(a)</sup></font></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; text-align: right;"><font style="font-family: 'times new 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; text-align: right;"><font style="font-family: 'times new 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;">2,674,591</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;">&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;">2,854,126</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;">
<p style="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 financial instruments and other financial assets at fair value <font style="font-size: 8pt;"><sup>(b)</sup></font></font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,607</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,607</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">805,713</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">833,986</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;">Total financial investments and derivative financial instruments</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: 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;">316,424</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; 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: 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;">322,708</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; 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: 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;">4,557,686</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; 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: 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;">5,960,091</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;">
<p style="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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,816</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,100</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,301,330</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,553,011</font></p>














</td>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">Non-current</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;">302,608</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;">&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;">302,608</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;">&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;">3,256,356</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;">&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;">3,407,080</font></p>






</td>






</tr>













</table>





</div>





<br>
<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;"><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'>21</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="margin: 0px; text-indent: 0px;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></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>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; width: 3%;" 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: -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; line-height: inherit; display: inline !important;">(a)</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 97%;"><font style="font-size: 8pt;"><font style="text-indent: -18.9333px; line-height: inherit;">Refers substantially to financial investments made by subsidiary&nbsp;</font>Ultrapar<font style="text-indent: -18.9333px; line-height: inherit;">&nbsp;International in Time Deposits.</font></font></td>












</tr>
<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; 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: -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; line-height: inherit; display: inline !important;">(b)</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="text-indent: -18.9333px; line-height: inherit; font-size: 8pt;">Accumulated gains, net of withholding income tax (see Note 26.f).</font></td>












</tr>

























</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><br></p>












</div>
<div>
<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="Ba5_142025133945486" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5. Trade receivables and reseller financing (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: 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. Trade receivables and reseller financing</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>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 252px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<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;">Trade receivables of customers</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;">
<p style="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;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; 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;">
<p style="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: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; 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;">Domestic customers</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; 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;"> 3,861,348</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; 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: 15px; 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;"> 3,885,310</font></p>














</td>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">Domestic customers - related parties (see Note 8)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;"> 2,269</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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: bottom; 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;"> 301</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;">
<p style="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 customers</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 42,331</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 19,032</font></p>














</td>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">Foreign customers - related parties (see Note 8)</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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,593</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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: bottom; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 8,361</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;">&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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,910,541</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,913,004</font></p>














</td>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">(-) Allowance for expected credit losses</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;"> (344,116)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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: bottom; 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;"> (345,735)</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 - trade receivables of customers</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-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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,566,425</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,567,269</font></p>














</td>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">Current</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;"> 3,535,702</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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: bottom; 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;"> 3,540,266</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;">
<p style="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: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 30,723</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 27,003</font></p>














</td>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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: bottom; 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: bottom; 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: bottom; 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; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; 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; font-weight: bold; line-height: inherit;">Reseller financing</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; 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: 8pt; font-weight: bold; line-height: inherit;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; 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: 8pt; 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; 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: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Reseller financing &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Ipiranga</font></font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">1,368,578</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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: bottom; 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;">1,404,883</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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(-) Allowance for expected credit losses</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(128,974)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(126,859)</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;">Total &#8211; reseller financing</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-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; 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;">1,239,604</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-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; 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;">1,278,024</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;">
<p style="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; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">529,476</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">511,979</font></p>














</td>











</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">Non-current</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">710,128</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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: bottom; 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;">766,045</font></p>














</td>











</tr>


























</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: Aptos; 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. Allowance for expected credit losses &#8211; trade receivables and reseller financing</font></p>
<p style="margin: 0pt;"><font style="font-family: Aptos; 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 style="font-size: 10pt; line-height: inherit;">Movements in the allowance for expected credit losses of trade receivables and reseller financing </font><font style="font-size: 10pt; line-height: inherit;">are as follows:</font></font></p>
<p style="margin: 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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><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; 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;">Trade receivables</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; 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;">Reseller financing</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; 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;">Total</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: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times 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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times 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;">
<p style="margin: 0pt; page-break-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; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; 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: 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;"> 345,735</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; 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;">126,859</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; 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; font-weight: bold; line-height: inherit;">472,594</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; line-height: inherit;">Additions</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;"> 29,630</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;">11,807</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;">41,437</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;">Reversals</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;"> (19,850)</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: 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;">(6,594)</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: bottom; background-color: #cceeff; 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;">(26,444)</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;">Write-offs</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;"> (11,399)</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;">(3,098)</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;">(14,497)</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; font-weight: bold; line-height: inherit;">Balance as of March 31, 2025</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; 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;"> 344,116</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; 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-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; 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;">128,974</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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold; line-height: inherit;">473,090</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: 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font><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; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><br></p>






</div>





</div>





</div>
<div>
<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'>22</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>
<div style="margin: 0 auto;">
<div>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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: Aptos; font-size: 10pt; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 146px; width: 100%;" width="100%">

<tr style="height: 15px;">
<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 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; 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; font-weight: bold; line-height: inherit;">03/31/2025</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: 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; 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; font-weight: bold; line-height: inherit;">12/31/2024</font></p>















</td>















</tr>
<tr style="height: 31px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 31px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times 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; height: 31px;">
<p style="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 rate of expected losses</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 31px;">
<p style="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; height: 31px;">
<p style="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;">Gross accounting balance</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 31px;">
<p style="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; height: 31px;">
<p style="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;">Allowance for expected credit losses</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 31px;">
<p style="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; height: 31px;">
<p style="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 rate of expected losses</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 31px;">
<p style="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; height: 31px;">
<p style="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;">Gross accounting balance</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 31px;">
<p style="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; height: 31px;">
<p style="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;">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: 35%; height: 15px; 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;">Current</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">0</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">65</font><font style="font-size: 10pt; line-height: inherit;">%</font></font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times 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: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,041,157</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times 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: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,287</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times 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: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.55%</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times 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: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,289,620</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times 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: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,517</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Less than 30 days</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;">0.89%</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;">&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;"> 232,770</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;">&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;"> 2,080</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;">&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;">3.14%</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;">&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;"> 141,756</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;">&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;"> 4,452</font></p>















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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;">31-60 days</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.20%</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 99,873</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,197</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.26%</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 40,402</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 8,186</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">61-90 days</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;">6.44%</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;">&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;"> 51,080</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;">&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;"> 3,292</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;">&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;">14.96%</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;">&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;"> 27,360</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;">&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;"> 4,093</font></p>















</td>















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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;">91-180 days</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39.98%</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 61,674</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 24,657</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30.37%</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 57,289</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 17,396</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">More than 180 days</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 style="font-size: 10pt; line-height: inherit;">52</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">18</font><font style="font-size: 10pt; line-height: inherit;">%</font></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;">&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;"> 792,565</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;">&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 style="font-size: 10pt; line-height: inherit;">413</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">577</font></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;">&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;">54.49%</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;">&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;"> 761,460</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;">&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;"> 414,950</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times 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-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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,279,119</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: 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; 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;"> 473,090</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;"><font style="font-family: 'times 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: 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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times 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-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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,317,887</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: 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; 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;"> 472,594</font></p>















</td>















</tr>































</table>
<p style="margin: 0pt;"><br></p>












</div>
<div style="margin: 0px; text-indent: 0px;">
<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="Ba6_14202513401619" 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: 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: 120px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">&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;"><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; 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;">03/31/2025</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: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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; line-height: inherit;">12/31/2024</font></p>















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; 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 style="font-size: 10pt; line-height: inherit;">Fuels</font><font style="font-size: 10pt; line-height: inherit;">, lubricants and greases</font></font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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; height: 15px; 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;">3,269,573</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; 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; height: 15px; 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;">3,009,100</font></p>















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">Raw materials</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;">&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;">306,107</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;">&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;">373,544</font></p>















</td>












</tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<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;">Purchase for future delivery </font><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(1)</font></sup></font></font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">279,953</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; page-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>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">Consumable materials and other items for resale</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;">&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;">140,513</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;">&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;">129,539</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;">
<p style="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 - LPG</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">116,897</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; background-color: #cceeff;">
<p style="margin: 0pt; page-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>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">Properties for resale</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;">&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;">21,794</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;">&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;">21,794</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;">&nbsp;</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,134,837</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; 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; page-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>












</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>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(1) </font></sup></font><font style="line-height: inherit; font-size: 8pt;">Refers substantially to ethanol, biodiesel and advances for fuel acquisition.</font></font></p>
<p style="margin: 0pt; 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;">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: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 80%; 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; 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;">3,920</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;">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;">(385)</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;">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;">(900)</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; font-weight: bold; line-height: inherit;">Balance as of March 31, 2025</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;">
<p style="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;">2,635</font></p>







</td>







</tr>















</table>



</div>



</div>


</div>
<div style="margin: 0 auto;">
<div style="margin: 0px; text-indent: 0px;"><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'>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>


<br>



</div>





</div>





</div>












</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="line-height: 1.2;">
<div style="width: 8.5in; margin: 0 auto;">
<div style="margin: 0 auto;"><br>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>



</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>



</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>



</tr>













</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><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="Bsp1_14202516337478" 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; 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-style: italic; font-weight: bold; line-height: inherit;">a. Recoverable 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;">&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;">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; 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: 100px; 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;">
<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-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;">03/31/2025</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; line-height: inherit;">&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;">
<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: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 79%; background-color: #cceeff;">
<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; height: 16px; 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;"> 1,402,468</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: 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;"> 1,416,708</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;">PIS and COFINS - Federal VAT (a.2)</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;"> 2,915,839</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;"> 3,172,417</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;">Others</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; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 97,842</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; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 101,152</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: 10pt; line-height: inherit;">Total</font></p>















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; 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;"> 4,416,149</font></p>















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












</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;">Current</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;"> 1,991,388</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;"> 2,040,008</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;">Non-current</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;"> 2,424,761</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;"> 2,650,269</font></p>















</td>












</tr>




























</table>
<p style="margin: 0pt 0pt 0pt 14.2pt; 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 0pt 17pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -17pt; 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;">a.1</font><font style="line-height: inherit;"> The recoverable ICMS net of provision for losses is substantially related to the following operations: </font></font></p>
<p style="margin: 0pt 0pt 0pt 42.5pt; 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 0pt 12pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax 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 (Petrobras); c) credits for refunds of the ICMS-ST (tax substitution) overpaid when the estimated calculation base used is higher than that of the actual operation performed. </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 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: 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; line-height: inherit;">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: 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;"><font style="font-weight: bold; line-height: inherit;">a.2</font><font style="line-height: inherit;"> The recoverable PIS and COFINS are substantially related to:</font></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'>24</font></font></td>









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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;">&nbsp;&nbsp;</p>
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<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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;"><font style="font-weight: bold; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 12pt; 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;">ICMS </font><font style="font-weight: bold; line-height: inherit;">in</font><font style="font-weight: bold; line-height: inherit;"> the PIS and COFINS calculation basis - </font><font style="line-height: inherit;">The balance of PIS and COFINS includes credits recorded under Laws 10,637/02 and 10,833/03, as well as amounts arising from </font><font style="line-height: inherit;">a STF&#8217;s</font><font style="line-height: inherit;"> favorable decision regarding the exclusion of ICMS from the PIS and COFINS calculation basis.</font></font></p>
<p style="margin: 5pt 0pt 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><font style="line-height: inherit;"> On March 11, </font><font style="line-height: inherit;">2022</font><font style="line-height: inherit;"> Supplementary Law (&#8220;LC 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 up 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></font><br></p>
<p style="margin: 5pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The Company, through its subsidiaries, has credits in the amount of R$ 1,364,261 (R$ 1,686,836 as of December 31, 2024) 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, </font><font style="line-height: inherit;">period</font><font style="line-height: inherit;"> in which the Company could&nbsp;</font><font style="line-height: inherit;">use these credits. The estimated realization is updated annually considering the Company's estimated future results. </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;">&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. Recoverable income and social contribution taxes</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;"><font style="line-height: inherit;">Relates to 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 </font><font style="line-height: inherit;">the monetary</font><font style="line-height: inherit;"> variation (SELIC) in the repetition of undue payments. The Company, through its subsidiaries, has a recoverable IRPJ and CSLL balance of R$ 477,479, of which R$ 138,751 recorded as current and R$ 338,728 recorded as non-current (R$ 498,067, of which R$ 151,930 recorded as current and R$ 346,137 recorded as non-current as of December 31, 2024). The Management estimates the realization of these credits within up to 5 years.</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>











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<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="Bsp2_14202516443738" 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: 2pt 0pt 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; 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: 2pt 0pt 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; height: 276px; 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 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; 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;">Assets</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: 8pt; font-weight: bold; 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; 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;">Liabilities</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; 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-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; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">03/31/2025</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; height: 16px; text-align: center;">
<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-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; height: 16px; text-align: center;">
<p style="margin: 0pt;"><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; text-align: center;">
<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-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; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">03/31/2025</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; height: 16px; text-align: center;">
<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-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; height: 16px; text-align: center;">
<p style="margin: 0pt;"><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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<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 57%; 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;">Transactions with joint ventures</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; width: 10%; height: 16px; border-top-color: #000000 !important; background-color: #cceeff;">
<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; width: 1%; height: 16px; background-color: #cceeff;">
<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; border-top-width: 1px; border-top-style: solid; width: 10%; height: 16px; border-top-color: #000000 !important; background-color: #cceeff;">
<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; width: 1%; height: 16px; background-color: #cceeff;">
<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; border-top-width: 1px; border-top-style: solid; width: 10%; height: 16px; border-top-color: #000000 !important; background-color: #cceeff;">
<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; width: 1%; height: 16px; background-color: #cceeff;">
<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; border-top-width: 1px; border-top-style: solid; width: 10%; height: 16px; border-top-color: #000000 !important; background-color: #cceeff;">
<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: 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;">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; 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;">2,875</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;">2,875</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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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 subsidiaries</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;">Ipiranga Produtos de Petr&#243;leo S.A.</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;">61,898</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;">50,548</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;">167</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;">431</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;"><font style="line-height: inherit;">Cia </font><font style="line-height: inherit;">Ultragaz</font><font style="line-height: inherit;"> S.A.</font></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;">29,588</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;">28,588</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;">1,569</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;">1,761</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;"><font style="line-height: inherit;">Ultracargo </font><font style="line-height: inherit;">Log&#237;stica</font><font style="line-height: inherit;"> S.A.</font></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322,949 </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;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313,873 </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>














</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;"><font style="line-height: inherit;">Ea&#237;</font><font style="line-height: inherit;"> Clube Automobilista S.A.</font></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;">781</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;">1,008</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;">80</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;">78</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;"><font style="line-height: inherit;">am/pm </font><font style="line-height: inherit;">Comest&#237;veis</font><font style="line-height: inherit;"> Ltda.</font></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;">3,702</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;">5,079</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;">19</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;">19</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,765</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;">966</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;">10</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;">11</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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; 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: 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: 10pt; line-height: inherit;">Others</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; height: 10px; border-top-color: #000000 !important; 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;">&nbsp; &nbsp;420,683 </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: 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-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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp; &nbsp; &nbsp;400,062 </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: 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-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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,720</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: 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-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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,175</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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 2.8pt; border-top-style: double; height: 16px; border-top-color: #000000 !important; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 2.8pt; border-top-style: double; height: 16px; border-top-color: #000000 !important; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 2.8pt; border-top-style: double; height: 16px; border-top-color: #000000 !important; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 2.8pt; border-top-style: double; height: 16px; border-top-color: #000000 !important; 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;">Other receivables/payables</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;">97,904</font></p>














</td>
<td style="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;">86,973</font></p>














</td>
<td style="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;">1,845</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;">2,300</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;">Related parties</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;">7,076</font></p>














</td>
<td style="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;">7,076</font></p>














</td>
<td style="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;">2,875</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;">2,875</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 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Financial investments<font style="font-size: 8pt;"> <sup>(1)</sup></font></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: 10pt; line-height: inherit;">315,703</font></p>














</td>
<td style="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;">&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: 10pt; line-height: inherit;">306,013</font></p>














</td>
<td style="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;">&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: 10pt; line-height: inherit;">-</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: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>














</td>














</tr>





























</table>
<p style="margin: 2pt 0pt 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 style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 10px;">

<tr style="height: 10px;">
<td style="width: 3%; height: 10px; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><sup>(1)</sup></font></td>
<td style="width: 97%; height: 10px;"><font style="font-size: 8pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 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; line-height: inherit;">Refers to funds released to subsidiary Ultracargo&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 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; line-height: inherit;">Log&#237;stica</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 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; line-height: inherit;">&nbsp;S.A.</font></font></td>










</tr>





















</table>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt; font-weight: bold;">&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'>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>
<div style="line-height: 1.2;">
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>






</tr>



















</table>
<p style="margin: 10pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><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;"><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; height: 386px; 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 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; 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;">Assets</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: 8pt; font-weight: bold; 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; 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;">Liabilities</font></p>














</td>
<td style="vertical-align: middle; height: 16px;">
<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; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<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: 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-bottom-width: 1px; border-bottom-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; height: 16px;">
<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: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt;"><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; text-align: center; height: 16px;">
<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: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; height: 16px;">
<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: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt;"><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; text-align: center; height: 16px;">
<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: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; height: 16px;">
<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: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">03/31/2024</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 35%; 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;">Transactions with subsidiaries and joint ventures</font></p>














</td>
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; width: 10%; height: 16px; border-top-color: #000000 !important; 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="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; width: 10%; height: 16px; border-top-color: #000000 !important; 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="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; width: 10%; height: 16px; border-top-color: #000000 !important; 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="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; width: 10%; height: 16px; border-top-color: #000000 !important; 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="vertical-align: bottom; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; width: 10%; height: 16px; border-top-color: #000000 !important; 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%; 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: bottom; border-top-width: 1px; border-top-style: solid; width: 10%; height: 16px; border-top-color: #000000 !important; 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: 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: 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; font-weight: bold; line-height: inherit;">Transactions with joint ventures</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><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; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><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; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><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; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><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; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><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; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><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; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><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; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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;">Refinaria de Petr&#243;leo Riograndense S.A.</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 2pt 0pt 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,325</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(126,019)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(126,043)</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 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.</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,232</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 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; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 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;">
<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: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,178</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; 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: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,997</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 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; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 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; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 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; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">105</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">102</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;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; 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 other related parties</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 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;"><font style="line-height: inherit;">Chevron </font><font style="line-height: inherit;">Oronite</font> <font style="line-height: inherit;">Brasil</font><font style="line-height: inherit;"> Ltda. <font style="font-size: 8pt;"><sup>(1)</sup></font></font></font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,999</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,806</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(50,677)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,911)</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 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Chevron Products Company <font style="font-size: 8pt;"><sup>(1)</sup></font></font></font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">96,161</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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: 10px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(130,962)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(150,522)</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;">Others</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,460</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,067</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(103)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(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;">
<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: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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;">
<p style="margin: 2pt 0pt 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: 18px;">
<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; font-weight: bold; line-height: inherit;">Transactions with associates</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new 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: 2pt 0pt 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: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; 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="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 2.1pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">511</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 2.95pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">416</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 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: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 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: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 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;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 2pt 0pt 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;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 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; font-weight: bold; line-height: inherit;">Total</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; 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;">59,377</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; 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-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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;">57,387</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; 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-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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;">133,234</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; 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-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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;">187,036</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; 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-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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;">(307,656)</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; 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-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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;">(319,142)</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: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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="vertical-align: bottom; 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="vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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="vertical-align: bottom; 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="vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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="vertical-align: bottom; 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="vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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="vertical-align: bottom; 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: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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: 3pt; padding-right: 3pt; vertical-align: bottom; 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: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; height: 10px;">
<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; 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;">Trade receivables (Note 5)</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;">6,862</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;">8,662</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;">&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;">&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;">&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>














</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;">356</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;">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>














</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 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; 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;">&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;">&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;">129,718</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;">183,520</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;">&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>














</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;">52,159</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;">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;">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;">3,516</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;">&#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; 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;">Sales and services provided</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;">&#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;">&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;">&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;">7,304</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;">2,909</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;">Purchases</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new 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; text-align: right;"><font style="font-family: '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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new 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; text-align: right;"><font style="font-family: '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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new 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; text-align: right;"><font style="font-family: '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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(314,960)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(322,051)</font></p>














</td>














</tr>





























</table>
<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>
<table style="width: 100%; margin-left: 0.1px; height: 15px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 15px;">
<td style="width: 3%; height: 15px; vertical-align: top;" 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-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;">(1)</font></sup></font></td>
<td style="width: 97%; height: 15px; 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;">Non-controlling shareholders and other related parties of Iconic.</font></td>










</tr>





















</table>
<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;">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;"><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;">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;"><font style="line-height: inherit;">The </font><font style="line-height: inherit;">Ultrapar&#8217;s</font><font style="line-height: inherit;"> 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 </font><font style="line-height: inherit;">to</font><font style="line-height: inherit;"> the strategic plan approved by the Board of </font><font style="line-height: inherit;">Directors, and</font><font style="line-height: inherit;"> is linked to annual growth goals in financial results and priority matters for the Company. </font></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;&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'>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;">
<div style="line-height: 1.2;">
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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;"><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 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: 81px; 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: 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: 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;">03/31/2025</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">03/31/2024</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 79%; height: 16px; background-color: #cceeff;">
<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; width: 10%; 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;">11,219</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; 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; width: 10%; 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;">11,798</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;">17,781</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;">10,136</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">765</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">725</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; 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; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,765</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; 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; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,659</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>










</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">d. Stock plan (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; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the financial statements for the year ended December 31, 2024 (Note 8), the characteristics and measurement criteria of each plan (2017 Plan and 2023 Plan) offered by the Company were disclosed, which did not undergo any changes during the three-month period ended March 31, 2025.</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; 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 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: 283px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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-weight: bold; line-height: inherit;">Program</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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-weight: bold; line-height: inherit;">Grant date</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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-weight: bold; line-height: inherit;">Number of shares granted (Quantity)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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-weight: bold; line-height: inherit;">Vesting period</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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;">Fair value of shares on the grant date (in R$)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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;">Total exercisable grant costs, including taxes (in R$ thousands)</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: 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; height: 10px; 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;">Accumulated recognized exercisable grant costs (in R$ thousands)</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: 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; height: 10px; 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;">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; height: 16px; width: 13%; 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; height: 16px; width: 13%; 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; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; page-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; height: 16px; width: 12%; 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; height: 16px; width: 12%; 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; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; page-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; 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: 12%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (6,211)</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: 12%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 563</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;">Restricted</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;"><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; height: 16px;">
<p style="margin: 0pt; page-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; 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; 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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,121</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;"> (1,105)</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;"> 16</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;">Performance</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;"><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; 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; 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; 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; 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; 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;"> (1,305)</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;"> 19</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;">Restricted</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;"><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; height: 16px;">
<p style="margin: 0pt; page-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; 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; 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; height: 16px;">
<p style="margin: 0pt; page-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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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;"> (4,098)</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;"> 1,366</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;">Restricted</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;"><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; 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; 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; 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; 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; 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;"> (14,011)</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;"> 10,082</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;">Restricted</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;"><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; height: 16px;">
<p style="margin: 0pt; page-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; 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; 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; height: 16px;">
<p style="margin: 0pt; page-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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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;"> (16,440)</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;"> 466</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;">Performance</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;"><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; 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; 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; 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; 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; 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;"> (26,154)</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;"> 675</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;">Restricted</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;"><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; height: 16px;">
<p style="margin: 0pt; page-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; 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; 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; height: 16px;">
<p style="margin: 0pt; page-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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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;"> (16,012)</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;"> 48,036</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;">Restricted</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;"><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; 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; 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; 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; 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; 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;"> (8,489)</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;"> 29,222</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;">Restricted</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;"><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; height: 16px;">
<p style="margin: 0pt; page-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; 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; 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; height: 16px;">
<p style="margin: 0pt; page-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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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;"> (7,160)</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;"> 312</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;">Restricted</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;"><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; 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; 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; 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; 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; 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;"> (19,851)</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;"> 11,188</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;">Performance</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;"><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; height: 16px;">
<p style="margin: 0pt; page-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; 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; 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; height: 16px;">
<p style="margin: 0pt; page-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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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;"> (20,131)</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;"> 11,189</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;">Restricted</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;"><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; 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;"> 3,700,000</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: 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; 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; 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;"> 129,322</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;"> (19,448)</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;"> 109,874</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;">Restricted</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;"><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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,468,672</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;">2027 to 2029</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;">26.94</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;"> 176,292</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;"> (38,287)</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;"> 138,005</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;">Restricted</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;"><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; 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; 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; 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; 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; 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;"> (549)</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;"> 1,919</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;">Restricted</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;"><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; border-bottom-width: 1px; border-bottom-style: solid; 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;"> 1,295,000</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;">2034</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;">23.10</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: 16px;">
<p style="margin: 0pt; page-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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times 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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (2,324)</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; border-bottom-width: 1px; border-bottom-style: solid; 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;"> 53,461</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="2" 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; 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; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,394,423</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; line-height: inherit;">&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; 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; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 617,968</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; 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; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (201,575)</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; 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; height: 17px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 416,393</font></p>














</td>










</tr>

























</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt;">&nbsp;</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; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 89%; 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; width: 1%; 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; 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;"> 18,521,704</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; line-height: inherit;">Shares granted during the period</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;">&#8208;</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; 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;"> (122,734)</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; 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;"> (4,547)</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; font-weight: bold; line-height: inherit;">Number of shares as of March 31, 2025</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;"> 18,394,423</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'>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;">
<div style="line-height: 1.2;">
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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;"><font style="line-height: inherit;"><br></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;"><font style="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 three-month period </font><font style="line-height: inherit;">ended</font><font style="line-height: inherit;"> March 31, 2025, an expense in the amount of R$ 29,806 was recognized in relation to the Plan (R$ 21,035 for the period ended March 31, 2024).</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 0pt 12pt; 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 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;&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="Bsp3_1420251656415" 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: 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>
<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 recognize deferred tax assets and liabilities, which are not subject to the statute of limitations, mainly resulting 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; 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; 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; 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: 438px; 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: 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; 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;">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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">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: 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; height: 16px; 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;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 16px; 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; border-top-width: 1px; border-top-style: solid; height: 16px; 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;">
<p style="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; border-top-width: 1px; border-top-style: solid; height: 16px; 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;">03/31/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 16px; 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; border-top-width: 1px; border-top-style: solid; height: 16px; 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>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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: 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>
<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; text-align: right;"><font style="font-family: 'times new 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>
<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; text-align: right;"><font style="font-family: 'times new 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>
<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; text-align: right;"><font style="font-family: 'times new 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: 0px; 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: 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;">&#8208;</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;">&#8208;</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;">42,631</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;">41,467</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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: 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;">65,633</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;">67,261</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;">186,919</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;">188,495</font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px; 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: 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;">545</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;">516</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;">77,654</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;">76,166</font></p>














</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 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;"><font style="line-height: inherit;">Provision for differences between cash and accrual basis <font style="font-size: 8pt;"><sup>(i)</sup></font></font></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;">&#8208;</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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,145</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;">
<p style="margin: 0pt; page-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>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px; 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: 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;">&#8208;</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;">&#8208;</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;">11,432</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;">10,317</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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: 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;">&#8208;</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;">&#8208;</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;">13,681</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;">13,472</font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px; 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: 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;">3,649</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;">4,366</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;">73,912</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;">60,120</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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: 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;">2,829</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;">10,246</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;">28,985</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;">76,880</font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px; 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: 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;">2,675</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;">2,961</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;">496,748</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;">499,988</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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 deferred revenue</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;">&#8208;</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;">&#8208;</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;">599</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;">450</font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px; 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;">Other temporary differences</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;">30,445</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;">21,762</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;">127,361</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;">115,753</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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;">Tax losses and negative basis for social contribution carryforwards</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,091</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; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times 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; height: 16px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">507,729</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; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px; 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;">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: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; 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;">159,867</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; 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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times 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: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; 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;">1,573,796</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; 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>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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;">Offsetting liability balance</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: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,793)</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(705,239)</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px; 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; line-height: inherit;">Net balances presented in assets</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; height: 17px; border-top-color: #000000 !important; 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;">142,074</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; border-top-color: #000000 !important; 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: 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; border-top-color: #000000 !important; 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;">868,557</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; border-top-color: #000000 !important; 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>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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;">Liabilities - Deferred income and social contribution taxes on:</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;">&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;">&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;">&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;">&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;">&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;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px; 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;">Leases payable</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;">2,310</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;">2,586</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;">398,941</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;">406,173</font></p>














</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 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;"><font style="line-height: inherit;">Provision for differences between cash and accrual basis <font style="font-size: 8pt;"><sup>(i)</sup></font></font></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;">&#8208;</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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">239,525</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;">
<p style="margin: 0pt; page-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>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px; 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;">Change in fair value of subscription warrants</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;">6,210</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;">7,611</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;">6,210</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;">7,611</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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;">Goodwill/negative goodwill on investments</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;">&#8208;</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;">&#8208;</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;">28,784</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;">28,771</font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px; 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;">Business combination - fair value of assets</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;">&#8208;</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;">&#8208;</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;">56,155</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;">52,781</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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;">Other temporary differences</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 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; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 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; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">118,758</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; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px; 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;">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: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; 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;">14,144</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; 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: 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; 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;">848,373</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; 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>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px; 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;">Offsetting asset balance</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: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,144)</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(705,239)</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px; 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;">Net balances presented in liabilities</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; height: 17px; border-top-color: #000000 !important; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; border-top-color: #000000 !important; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; border-top-color: #000000 !important; 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;">143,134</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; border-top-color: #000000 !important; 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>










</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; height: 10px;">

<tr style="height: 10px;">
<td style="width: 3%; vertical-align: top; height: 10px;" valign="top"><font style="font-size: 8pt;"><sup>(i)</sup></font></td>
<td style="width: 97%; vertical-align: top; height: 10px;" 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;">In the consolidated refers mainly to the income and social contribution taxes on foreign exchange variation of the derivative instruments.</font></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;"><font style="line-height: inherit;">&nbsp;</font></font><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'>28</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: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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;"><font style="line-height: inherit;"><br></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;"><font style="line-height: inherit;">Changes in the net balance of </font><font style="line-height: inherit;">deferred</font><font style="line-height: inherit;"> IRPJ and CSLL are as follows:</font></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;" 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; 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; 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;">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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">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; 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: 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;">142,630</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;">804,116</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;">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;">
<p style="margin: 0pt; page-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)</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;">(83,430)</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;">Deferred IRPJ and CSLL recognized in other comprehensive income</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>
<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;">4,644</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;">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; page-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</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; 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;">93</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; font-weight: bold; line-height: inherit;">Balance as of March 31, 2025</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; font-weight: bold; line-height: inherit;">142,074</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; 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; 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;">725,423</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>










</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;">b. Reconciliation of income and social contribution taxes on profit or loss</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: 279px; 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: 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; 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;">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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">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: 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; 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;">03/31/2025</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; 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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;">03/31/2024</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; 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; 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;">03/31/2025</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; 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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;">03/31/2024</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; 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: 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;">333,404</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; text-align: right;"><font style="font-family: 'times new 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;">439,153</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; text-align: right;"><font style="font-family: 'times new 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;">611,053</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; text-align: right;"><font style="font-family: 'times new 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;">664,580</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;">Statutory tax rates - %</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; height: 16px;">
<p style="margin: 0pt; page-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: 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; border-bottom-width: 1px; border-bottom-style: solid; 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;">34</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; border-bottom-width: 1px; border-bottom-style: solid; 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;">34</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; border-bottom-width: 1px; border-bottom-style: solid; 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;">34</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;">Income and social contribution taxes at the statutory tax rates</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: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(113,357)</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(149,312)</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(207,758)</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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(225,957)</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;">Adjustment to the statutory income and social contribution taxes:</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;">&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; text-align: right;"><font style="font-family: 'times new 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;">&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; 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; 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: 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;">(854)</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;">(1,313)</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;">(3,841)</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;">(3,657)</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;"><font style="line-height: inherit;">Nontaxable revenues <font style="font-size: 8pt;"><sup>(i)</sup></font></font></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;">175</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;">139</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;">5,615</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;">5,258</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;">Adjustment to estimated income</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;">&#8208;</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;">&#8208;</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;">422</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;">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; 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: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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;">&#8208;</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;">(20,137)</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;">(10,642)</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;">Share of profit (loss) of subsidiaries, joint ventures and associates</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;">113,480</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;">141,229</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;">(50,825)</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;">(1,049)</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;">Other adjustments</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; height: 16px;">
<p style="margin: 0pt; page-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)</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; border-bottom-width: 1px; border-bottom-style: solid; 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;">1,578</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; border-bottom-width: 1px; border-bottom-style: solid; 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;">12,894</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; border-bottom-width: 1px; border-bottom-style: solid; 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;">1,020</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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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)</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; 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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,679)</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; 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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(263,630)</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; 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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(234,461)</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;"><font style="line-height: inherit;">Tax incentives &#8211; SUDENE <font style="font-size: 8pt;"><sup>(ii)</sup></font></font></font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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: 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; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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;">15,761</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; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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;">25,327</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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-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)</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; 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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,679)</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; 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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(247,869)</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; 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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(209,134)</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;">&#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; 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;">(10,592)</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;">(164,439)</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;">(87,864)</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;">Deferred</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;">(558)</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;">2,913</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;">(83,430)</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;">(121,270)</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;">Effective IRPJ and CSLL rates - %</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;">0.2</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;">&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;">1.7</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;">40.6</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;">31.5</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; height: 27px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="width: 3%; height: 17px; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><sup>(i)</sup></font></td>
<td style="width: 97%; height: 17px; 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;">Consist of gains and income not taxable under the applicable tax legislation.</font></td>










</tr>
<tr style="height: 10px;">
<td style="width: 3%; height: 10px; vertical-align: top;" 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-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></sup></font></td>
<td style="width: 97%; height: 10px; 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;">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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">&nbsp;</font></font></p>





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</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'>29</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 0pt 2pt; orphans: 0; 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;">
<div style="line-height: 1.2;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>






</tr>



















</table>
<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;"><br></font></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;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">c. Tax losses and negative basis for social contribution </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">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 March 31, 2025, 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>
<p style="margin: 0pt 0pt 2pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-weight: bold; text-align: justify;">&nbsp;</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;"><font style="line-height: inherit;">The balances comprising deferred taxes related to income tax loss carryforwards and </font><font style="line-height: inherit;">negative</font><font style="line-height: inherit;"> basis of social contribution are as follows:</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>
<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; 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;">03/31/2025</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;">12/31/2024</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;">Oil Trading</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; line-height: inherit;"> 75,296</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; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 77,155</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;"> 54,091</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;"> 51,339</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;">Ipiranga</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;"> 300,409</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;"> 300,409</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;"><font style="line-height: inherit;">Ultracargo </font><font style="line-height: inherit;">Solu&#231;&#245;es</font> <font style="line-height: inherit;">Log&#237;stica</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; line-height: inherit;"> 40,492</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;"> 33,553</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;">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; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 37,441</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; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 48,324</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;">&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;"> 507,729</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: 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;"> 510,780</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;"><font style="line-height: inherit;">The balances which are not constituted of deferred taxes related to income tax loss </font><font style="line-height: inherit;">carryforwards</font> <font style="line-height: inherit;">and negative basis of social contribution are as follows:</font></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: 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;">03/31/2025</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;">12/31/2024</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; 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; 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;"> 44,830</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: 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; line-height: inherit;"> 45,286</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;"><font style="line-height: inherit;">Integra </font><font style="line-height: inherit;">Frotas</font></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;"> 21,577</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;"> 18,927</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;"> 19,039</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;"> 15,686</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;"> 12,184</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;"> 11,650</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;"><font style="line-height: inherit;">Abastece</font> <font style="line-height: inherit;">a&#237;</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;"> 139,577</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;"> 126,900</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;"> 7,250</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;"> 6,374</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 244,457</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; 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; page-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>










</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: 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; 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 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$ 144,122 as of March 31, 2025 (R$ 141,147 as of December 31, 2024).</font></p>










</div>
<div style="line-height: 1.2;">
<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>
<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="Bsp4_14202516530687" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">10. Contractual assets with customers - </font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">exclusivity</font><font style="color: #ffffff; font-weight: bold; line-height: inherit;"> rights (Consolidated)</font></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; 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="line-height: inherit;">Refers</font><font style="line-height: inherit;"> to exclusivity rights reimbursements of </font><font style="line-height: inherit;">Ipiranga&#8217;s</font><font style="line-height: inherit;"> 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></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;">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;" 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, 2024</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;">2,131,902</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;">Additions</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;">75,539</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;">Amortization</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;">(105,489)</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 March 31, 2025</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;">
<p style="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;">2,101,952</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;">Current</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;">646,203</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;">Non-current</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;">1,455,749</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>




</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>
<div>
<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: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>






</tr>



















</table>









&nbsp;<br>
<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="Bsp5_14202516547146" 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; 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 period 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: 317px; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">Parent</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 rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 26px;">
<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: 1pt solid #000000; height: 26px;">
<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: 1pt solid #000000; height: 26px;">
<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: 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; 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;">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; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; 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;">Share of profit (loss) of subsidiaries, joint ventures and associates</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: 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; 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; 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;">03/31/2025</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; 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;">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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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;">03/31/2025</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; 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;">03/31/2024</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 28%; 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;">Subsidiaries</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; 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;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; 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: bottom; width: 10%; 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: bottom; width: 10%; 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: bottom; width: 1%; 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: bottom; width: 10%; 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: bottom; width: 10%; 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;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Ultrapar </font><font style="line-height: inherit;">Log&#237;stica</font><font style="line-height: inherit;"> Ltda.</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;">1,698,876</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;">(138,525)</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;">1,698,876</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;">&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;">(138,525)</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;">99,339</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;">Ultrapar International 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;">(59,120)</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;">9,410</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;">(59,120)</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;">(68,530)</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;">9,410</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;">(758)</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<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;">UVC</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;">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;">&#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;">(6,441)</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Ultragaz</font> <font style="line-height: inherit;">Participa&#231;&#245;es</font><font style="line-height: inherit;"> Ltda.</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;">&#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;">
<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;">&#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;">176,217</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Ultracargo </font><font style="line-height: inherit;">Log&#237;stica</font> <font style="line-height: inherit;">Ltda</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;">1,515,863</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;">74,641</font></p>














</td>
<td style="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;">99.91</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;">1,514,633</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;">74,581</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: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Companhia </font><font style="line-height: inherit;">Ultragaz</font><font style="line-height: inherit;"> S.A.</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;">878,231</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;">127,926</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;">878,100</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;">&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;">127,907</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: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<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;">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;">44,302</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;">(3,646)</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;">44,302</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;">&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;">(3,646)</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;">518</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Imaven</font> <font style="line-height: inherit;">Im&#243;veis</font><font style="line-height: inherit;"> Ltda.</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;">67,422</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;">506</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;">67,422</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;">&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;">506</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;">(578)</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Ultra </font><font style="line-height: inherit;">Mobilidade</font><font style="line-height: inherit;"> S.A. <font style="font-size: 8pt;"><sup>(*)</sup></font></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;">10,344,477</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;">273,495</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;">10,344,477</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;">&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;">273,495</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;">149,541</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;">
<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: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<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;">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;">6,671</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;">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;">3,336</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;">&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;">(142)</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;">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;">(23,031)</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;">(30,065)</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;">(7,632)</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;">&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;">(9,964)</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;">(2,318)</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<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: 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: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; 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;">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;">14,484,394</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;">&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;">333,764</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;">415,378</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; 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;">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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">(66,752)</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: 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;">(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; 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: 19px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 19px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; 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;">Total investments (A-B)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 19px; 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: 19px; 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: 19px; 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: 19px; 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 19px; 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;">14,551,146</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; height: 19px; 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;">14,898,466</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 19px; 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: 19px; 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: 19px; 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: 0pt; orphans: 0; 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="font-size: 8pt;"><sup>(*)</sup></font></td>
<td style="width: 97%; 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: 0px; text-transform: none; widows: 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 period.</font></td>










</tr>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><sup>(i)</sup></font></td>
<td style="width: 97%; 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: 0px; text-transform: none; widows: 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;">Investment considers capital loss balances of R$ 9,472 as of March 31, 2025 (R$ 9,666 as of December 31, 2024).</font></td>










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</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;&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'>31</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; 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;">&nbsp; &nbsp;</p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>






</tr>



















</table>
<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: 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;">&nbsp;</font></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;"><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 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>














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<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>














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<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: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<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: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<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: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<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>














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<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;"><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>














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<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;">03/31/2025</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;">
<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;">03/31/2025</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;">03/31/2024</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: 0px 0px 0px 20px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Uni&#227;o </font><font style="line-height: inherit;">Vopak</font><font style="line-height: inherit;"> &#8211; Armaz&#233;ns Gerais Ltda.</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; line-height: inherit;">39</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;">(502)</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;">19</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;">&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;">(251)</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;">(262)</font></p>














</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;">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;">(23,031)</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;">(30,065)</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;">(7,632)</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;">&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;">(9,963)</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;">(2,318)</font></p>














</td>














</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<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;">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;">3,760</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;">(689)</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;">1,880</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;">&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;">(344)</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;">(374)</font></p>














</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;">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;">14,281</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;">(7,812)</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;">4,760</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;">&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;">(2,604)</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;">(1,945)</font></p>














</td>














</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<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;">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;">19,275</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;">1,397</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;">6,425</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;">&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;">466</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;">(228)</font></p>














</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;">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;">56,890</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;">543</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;">18,963</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;">&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;">181</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;">(24)</font></p>














</td>














</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Nordeste Log&#237;stica III </font><font style="line-height: inherit;">S.A</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; line-height: inherit;">54,869</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;">(121)</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;">18,290</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;">&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;">(40)</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;">(67)</font></p>














</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;">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;">6,671</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;">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;">3,336</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;">&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;">(143)</font></p>














</td>














</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Terminal de Combust&#237;veis Paul&#237;nia S.A. ("</font><font style="line-height: inherit;">Opla</font><font style="line-height: inherit;">")</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; line-height: inherit;">122,666</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;">3,278</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;">61,333</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;">&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;">1,639</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;">1,721</font></p>














</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;">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;">536</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;">&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: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;">Hidrovias do Brasil S.A. (i)</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;">896,216</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;">(330,355)</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;">42.26</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;">378,770</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;">&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;">(138,667)</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: 0px 0px 0px 20px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Transportadora </font><font style="line-height: inherit;">Sulbrasileira</font><font style="line-height: inherit;"> de G&#225;s S.A.</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; line-height: inherit;">15,972</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;">1,978</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;">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;">3,993</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;">&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;">494</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;">559</font></p>














</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Metal&#250;rgica</font><font style="line-height: inherit;"> Plus S.A.</font></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;">(1,120)</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;">(75)</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;">(374)</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;">(25)</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;">(23)</font></p>














</td>














</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<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;"><font style="line-height: inherit;">Plenog&#225;s</font><font style="line-height: inherit;"> Distribuidora de G&#225;s S.A.</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; line-height: inherit;">3,217</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;">93</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;">1,072</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;">&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;">31</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;">20</font></p>














</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<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;">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;">30</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;">&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 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;"><font style="line-height: inherit;">Terminal de Combust&#237;veis Paul&#237;nia S.A. ("</font><font style="line-height: inherit;">Opla</font><font style="line-height: inherit;">")</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; 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;">
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</td>
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<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>














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<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>














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<p style="margin: 0pt; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">779,379</font></p>














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<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>














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<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;"><font style="line-height: inherit;">Terminal de Combust&#237;veis Paul&#237;nia S.A. ("</font><font style="line-height: inherit;">Opla</font><font style="line-height: inherit;">")</font></font></p>














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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,433</font></p>














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<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>














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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;">Advances for investments</font></p>














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<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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<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;"><font style="line-height: inherit;">Advances for investments - P&#227;o de </font><font style="line-height: inherit;">A&#231;&#250;car</font><font style="line-height: inherit;"> Group stations (ii)</font></font></p>














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<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>














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<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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<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;">Advances 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>














</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 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;">
<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;">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; 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: 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; 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;"><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;">2,016,519</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;">&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;">(149,486)</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;">(3,084)</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;">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; 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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(8,006)</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; 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;">(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; 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;"><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;">2,024,525</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;">
<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>







<br>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 36px;">

<tr style="height: 10px;">
<td style="width: 3%; vertical-align: top; height: 10px;" valign="top"><font style="font-size: 8pt;"><sup>(*)</sup></font></td>
<td style="width: 97%; vertical-align: top; height: 10px;" 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: 0px; text-transform: none; widows: 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 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: 0px; text-transform: none; widows: 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></font></td>







</tr>
<tr style="height: 16px;">
<td style="width: 3%; vertical-align: top; height: 16px;" valign="top"><font style="font-size: 8pt;"><sup>(i)</sup></font></td>
<td style="width: 97%; vertical-align: top; height: 16px;" 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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">The share of profit (loss) of the associate is recorded with a 2-month lag as from May 2024, the date on which the Company began to hold significant influence in&nbsp;</font><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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">Hidrovias</font><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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">. For further information, see Note 27.a.</font></td>







</tr>
<tr style="height: 10px;">
<td style="width: 3%; vertical-align: top; height: 10px;" valign="top"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman'; 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;">(i)</font></sup></font></td>
<td style="width: 97%; vertical-align: top; height: 10px;" 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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">The amount refers to the advance for the acquisition of&nbsp;P&#227;o&nbsp;de&nbsp;</font><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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">A&#231;&#250;car</font><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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">&nbsp;Group service stations by subsidiary&nbsp;Centro&nbsp;de&nbsp;</font><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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">Conveni&#234;ncias</font><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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">&nbsp;Millenium&nbsp;Ltda.</font></td>







</tr>


















</table>
<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-align: start; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; &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'>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>
<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;">&nbsp;&nbsp;</p>
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>






</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>






</tr>



















</table>
<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: 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;">&nbsp;</font></font></p>
<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-align: start; 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;"><font style="font-size: 10pt; line-height: inherit;">The financial position and income of subsidiaries which have relevant non-controlling interests </font><font style="font-size: 10pt; line-height: inherit;">is</font><font style="font-size: 10pt; line-height: inherit;"> shown below:</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; 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: 123px; 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: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="8" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">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; 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: middle; 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; height: 10px;">
<p style="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; height: 10px;">
<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: middle; 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; height: 10px;">
<p style="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; height: 10px;">
<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: middle; 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; height: 10px;">
<p style="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 period/year</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: 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; 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;">03/31/2025</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; 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;">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;"><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; 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;">03/31/2025</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; 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;">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;"><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; 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;">03/31/2025</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; 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;">03/31/2024</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 38%; 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;">Subsidiaries</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: 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; width: 10%; 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; font-weight: bold; line-height: inherit;">%</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;"><font style="font-family: 'times 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;"><font style="font-family: 'times 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;"><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: 1%; 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; width: 10%; 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; width: 10%; 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;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px;">
<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; line-height: inherit;"><font style="line-height: inherit;">Iconic </font><font style="line-height: inherit;">Lubrificantes</font><font style="line-height: inherit;"> S.A.</font></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;">44%</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;">44%</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;"><font style="font-family: 'times new 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;">504,120</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;">484,986</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;"><font style="font-family: 'times new 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;">19,134</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;">23,118</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: middle; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;">
<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; line-height: inherit;"><font style="line-height: inherit;">WTZ </font><font style="line-height: inherit;">Participa&#231;&#245;es</font><font style="line-height: inherit;"> S.A.</font></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;">48%</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;">48%</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;"><font style="font-family: 'times 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;">126,234</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;">116,249</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;"><font style="font-family: 'times 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;">9,985</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;">&#8208;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px;">
<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; line-height: inherit;">Other investments</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;">-</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;">-</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;"><font style="font-family: 'times 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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,515</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; height: 16px;">
<p style="margin: 0pt; page-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: 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: middle; border-bottom-width: 1px; border-bottom-style: solid; 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;">1,219</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; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">854</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 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; 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; 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; 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; 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: 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; 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;">694,869</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; 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;">664,726</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;"><font style="font-family: 'times 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; 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;">30,338</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; 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;">23,972</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;">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: 206px; 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: 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; 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;">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;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="9" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">Consolidated</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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 29px; 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: 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; border-top-width: 1px; border-top-style: solid; height: 29px; border-top-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-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 29px; 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: 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; border-top-width: 1px; border-top-style: solid; height: 29px; border-top-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-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 29px; 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: 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: 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: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 29px; 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: 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; border-top-width: 1px; border-top-style: solid; height: 29px; border-top-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-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 29px; 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: 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; border-top-width: 1px; border-top-style: solid; height: 29px; border-top-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-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 29px; 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: 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; border-top-width: 1px; border-top-style: solid; height: 29px; border-top-color: #000000 !important; vertical-align: bottom;" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 29px; 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: center;"><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; border-top-width: 1px; border-top-style: solid; height: 29px; border-top-color: #000000 !important; vertical-align: bottom;" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 29px; 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: 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; background-color: #cceeff; width: 29%;">
<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; height: 16px; 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; font-weight: bold; line-height: inherit;"> 14,824,601</font></p>














</td>
<td style="vertical-align: middle; height: 16px; 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; 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; 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; font-weight: bold; line-height: inherit;"> 5,335</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; 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; 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; 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; 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; 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; height: 16px; 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; font-weight: bold; line-height: inherit;"> 274,380</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; 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; height: 16px; 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; font-weight: bold; line-height: inherit;"> 1,283,904</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; 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; 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; 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; font-weight: bold; line-height: inherit;"> 90,000</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; 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; 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; font-weight: bold; line-height: inherit;"> 500,000</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; 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; 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; font-weight: bold; line-height: inherit;">2,148,284</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;">Share of profit (loss) of subsidiaries, joint ventures and associates (*)</font></p>














</td>
<td style="padding-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;">343,728</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; 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;">(9,964)</font></p>














</td>
<td style="padding-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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">333,764</font></p>














</td>
<td style="padding-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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,916)</font></p>














</td>
<td style="padding-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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(138,167)</font></p>














</td>
<td style="padding-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; text-align: right;"><font style="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;"><font style="font-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;"><font style="font-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;">(149,083)</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;">Amortization of fair value adjustments</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: right;"><font style="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; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-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; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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; 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: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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; 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: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(403)</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: 10pt; 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: right;"><font style="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; 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: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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; 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: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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; 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: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(403)</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;">Dividends</font></p>














</td>
<td style="padding-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;">(699,938)</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;">&#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;"><font style="font-family: 'times new 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;">(699,938)</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;"><font style="font-family: 'times new 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;">&#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;"><font style="font-family: 'times new 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;">&#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;"><font style="font-family: 'times new 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;">&#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;"><font style="font-family: 'times new 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;">&#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;"><font style="font-family: 'times new 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;">&#8208;</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;">Equity instrument granted (ii)</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;">5,816</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;">&#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;"><font style="font-family: 'times new 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;">5,816</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;"><font style="font-family: 'times new 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;">&#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;"><font style="font-family: 'times new 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;">&#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;"><font style="font-family: 'times new 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;">&#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;"><font style="font-family: 'times new 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;">&#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;"><font style="font-family: 'times new 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;">&#8208;</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 other comprehensive income</font></p>














</td>
<td style="padding-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;">11,176</font></p>














</td>
<td style="padding-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;">320</font></p>














</td>
<td style="padding-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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,496</font></p>














</td>
<td style="padding-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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">320</font></p>














</td>
<td style="padding-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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,234</font></p>














</td>
<td style="padding-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; text-align: right;"><font style="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;"><font style="font-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;"><font style="font-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;">11,554</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;">Capital increase in cash</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,000</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; text-align: right;"><font style="font-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; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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; 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: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,000</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: 10pt; 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: right;"><font style="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; 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: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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; 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: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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; 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: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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; 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: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-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: 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;"><font style="line-height: inherit;">Acquisition of shares of </font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;"> do </font><font style="line-height: inherit;">Brasil</font><font style="line-height: inherit;"> S.A. (iii)</font></font></p>














</td>
<td style="padding-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;">&#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: 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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;"><font style="font-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;"><font style="font-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;">7,373</font></p>














</td>
<td style="padding-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;">&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;"><font style="font-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;"><font style="font-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;">7,373</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;">Other movements</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; 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;">307</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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</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; 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; 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;">320</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;"><font style="font-family: 'times 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; 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;">268</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;"><font style="font-family: 'times 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; 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;">(1,474)</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; 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; 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;"><font style="font-family: 'times 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; 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;"><font style="font-family: 'times 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; 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;">(1,206)</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;"><font style="font-weight: bold; line-height: inherit;">Balance as of March 31, 2025 (</font><font style="font-weight: bold; line-height: inherit;">i</font><font style="font-weight: bold; line-height: inherit;">)</font></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: 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; font-weight: bold; line-height: inherit;"> 14,488,690</font></p>














</td>
<td style="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; 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: 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; font-weight: bold; line-height: inherit;"> (4,296)</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; 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-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; 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; font-weight: bold; line-height: inherit;"> 14,484,394</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; 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-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; 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; font-weight: bold; line-height: inherit;"> 263,649</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; 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-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; 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; font-weight: bold; line-height: inherit;"> 1,162,870</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; 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-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; 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; font-weight: bold; line-height: inherit;"> 90,000</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; 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-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; 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; font-weight: bold; line-height: inherit;"> 500,000</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; 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-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; 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; font-weight: bold; line-height: inherit;">2,016,519</font></p>














</td>














</tr>





























</table>









</div>
<div style="line-height: 1.2;">&nbsp;<br>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 52px;">

<tr style="height: 16px;">
<td style="width: 3%; vertical-align: top; height: 16px;" valign="top"><font style="font-size: 8pt;"><sup>(*)</sup></font></td>
<td style="width: 97%; vertical-align: top; height: 16px;" 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;">Adjusted for unrealized profits between subsidiaries.</font></td>







</tr>
<tr style="height: 16px;">
<td style="width: 3%; vertical-align: top; height: 16px;" valign="top"><font style="font-size: 8pt;"><sup>(i)</sup></font></td>
<td style="width: 97%; vertical-align: top; height: 16px;" 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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;"><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-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;">Investments in subsidiaries, joint ventures and associates net of provision for equity deficit.</font></font></td>







</tr>
<tr style="height: 10px;">
<td style="width: 3%; vertical-align: top; height: 10px;" valign="top"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'times new roman'; 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;">(ii)</font></sup></font></td>
<td style="width: 97%; vertical-align: top; height: 10px;" 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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">The amount refers to the advance for the acquisition of&nbsp;P&#227;o&nbsp;de&nbsp;</font><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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">A&#231;&#250;car</font><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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">&nbsp;Group service stations by subsidiary&nbsp;Centro&nbsp;de&nbsp;</font><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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">Conveni&#234;ncias</font><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-transform: none; widows: 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-align: justify; text-indent: -23.8px; line-height: inherit;">&nbsp;Millenium&nbsp;Ltda.</font></td>







</tr>
<tr style="height: 10px;">
<td style="width: 3%; vertical-align: top; height: 10px;" valign="top"><font style="font-size: 8pt;"><sup>(iii)</sup></font></td>
<td style="width: 97%; vertical-align: top; height: 10px;" valign="top"><font style="font-size: 8pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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: 'times new roman', times; line-height: inherit;">Amounts refer to the acquisition of stake in&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: 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-family: 'times new roman', times; line-height: inherit;">Hidrovias</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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: 'times new roman', times; line-height: inherit;">&nbsp;do&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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: 'times new roman', times; line-height: inherit;">Brasil</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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: 'times new roman', times; line-height: inherit;">&nbsp;S.A. For further details, see Note 27.a.</font></font></td>







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</table>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-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-size: 13.3333px; background-color: #ffffff; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="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;">

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<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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<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><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: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>








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</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="BSD_1_142025143437985" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">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: 'times new roman', times; font-size: 10pt;">&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 Company and certain subsidiaries have real estate leases, substantially related to: (i) Ipiranga: fuel stations and distribution bases; (ii) Ultragaz: points of sale and bottling bases; (iii) Ultracargo: port areas and (iv) Company: offices. The Company and certain subsidiaries also have lease agreements relating to vehicles.</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;">&nbsp;</font></p>
















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<div style="line-height: 1.1;">
<p><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold;">a. Right-of-use assets</font></p>
<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;">Consolidated</font></li>













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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: 8pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="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;">Weighted average useful life (years)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; 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;">Balance as of 12/31/2024</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;">&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;">Additions and remeasurement </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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; 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;">Write-offs</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; 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 style="font-weight: bold;">Transfers (</font><font style="font-weight: bold;">i</font><font style="font-weight: bold;">)</font></font></p>
















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<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: 8pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; 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;">Amortization</font></p>
















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<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: 8pt; font-weight: bold;">&nbsp;</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; 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;">Balance as of 03/31/2025</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 24%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost:</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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;">&nbsp;</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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;">&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;">Real estate</font></p>
















</td>
<td style="padding-left: 3pt; 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</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 1,987,115</font></p>
















</td>
<td style="padding-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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 27,905</font></p>
















</td>
<td style="padding-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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (59,743)</font></p>
















</td>
<td style="padding-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; 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; 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;"><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; 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;"><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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 1,955,277</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;">Port areas</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">32</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></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;"> 343,739</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;"><font style="font-family: '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;"> 15,073</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;"><font style="font-family: '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;"> (32)</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;"><font style="font-family: '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;">-</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;"><font style="font-family: '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;"><font style="font-family: '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;"> 358,780</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;">Vehicles</font></p>
















</td>
<td style="padding-left: 3pt; 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;">3</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 357,094</font></p>
















</td>
<td style="padding-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;">&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;"> 34,219</font></p>
















</td>
<td style="padding-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;">&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;"> (25,595)</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;"><font style="font-family: 'times new roman', times; font-size: 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;">(2,834)</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;"><font style="font-family: 'times new roman', times; font-size: 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;"><font style="font-family: 'times new roman', times; font-size: 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;"> 362,884</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;">Equipment</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></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;"> 33,645</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;"><font style="font-family: '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;"> 34</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;"><font style="font-family: '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;"> (304)</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;"><font style="font-family: '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;">(21,499)</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;"><font style="font-family: '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;"><font style="font-family: '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;"> 11,876</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;">Others</font></p>
















</td>
<td style="padding-left: 3pt; 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;">20</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></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;"> 27,846</font></p>
















</td>
<td style="padding-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;">&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;">&#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;">&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;">&#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;">&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;">21,499</font></p>
















</td>
<td style="padding-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;">&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;">&#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;">&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;">49,345</font></p>
















</td>


</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> 2,749,439</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> 77,231</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> (85,674)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> (2,834)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;">&#8208;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> 2,738,162</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; 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: 18px; vertical-align: bottom;" valign="bottom">
<p style="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; vertical-align: bottom;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; height: 18px; vertical-align: bottom; 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;">&nbsp;</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; height: 18px; vertical-align: bottom; 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;">&nbsp;</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; height: 18px; vertical-align: bottom; 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;">&nbsp;</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; height: 18px; vertical-align: bottom; 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;">&nbsp;</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; height: 18px; vertical-align: bottom; 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;">&nbsp;</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; height: 18px; vertical-align: bottom; 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;">&nbsp;</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;">Accumulated amortization:</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></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;">&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; font-weight: bold;">&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;">&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; font-weight: bold;">&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;">&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; font-weight: bold;">&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;">&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; font-weight: bold;">&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;">&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; font-weight: bold;">&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;">&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;">Real estate</font></p>
















</td>
<td style="padding-left: 3pt; 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;">&#8208;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (823,733)</font></p>
















</td>
<td style="padding-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;">&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;"><font style="font-family: 'times new roman', times; font-size: 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;"> 40,408</font></p>
















</td>
<td style="padding-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;">&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;">-</font></p>
















</td>
<td style="padding-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;">&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;"> (43,537)</font></p>
















</td>
<td style="padding-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;">&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;"> (826,862)</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;">Port areas</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: center;"><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;"><br></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;"> (52,692)</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;"><font style="font-family: '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;"><font style="font-family: '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;"> 21</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;"><font style="font-family: '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;"> (1,085)</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;"><font style="font-family: '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;"> (7,366)</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;"><font style="font-family: '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;"> (61,122)</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;">Vehicles</font></p>
















</td>
<td style="padding-left: 3pt; 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;">&#8208;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (169,836)</font></p>
















</td>
<td style="padding-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; 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; 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;"><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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 19,625</font></p>
















</td>
<td style="padding-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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,834</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;"><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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (25,803)</font></p>
















</td>
<td style="padding-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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (173,180)</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;">Equipment</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: center;"><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;"><br></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;"> (6,007)</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;"><font style="font-family: '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;"><font style="font-family: '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;"> 304</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;"><font style="font-family: '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;">2,197</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;"><font style="font-family: '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;"> (826)</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;"><font style="font-family: '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;"> (4,332)</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;">Others</font></p>
















</td>
<td style="padding-left: 3pt; 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;">&#8208;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></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;"> (25,847)</font></p>
















</td>
<td style="padding-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;">&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;">&#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;">&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;">&#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;">&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;">(2,197)</font></p>
















</td>
<td style="padding-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;">&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;">(864)</font></p>
















</td>
<td style="padding-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;">&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;"> (28,908)</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;">&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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;">(1,078,115)</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;">&#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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> 60,358</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> 1,749</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> (78,396)</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;">(1,094,404)</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;">&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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"><br></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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&nbsp;</font></p>
















</td>


</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">Net amount</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> 1,671,324</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> 77,231</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> (25,316)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> (1,085)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> (78,396)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; 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;"> 1,643,758</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;">&nbsp;</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 2.22449%; vertical-align: top; text-align: left;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; 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="width: 97.7755%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; 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; line-height: inherit; display: inline !important;">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.</font></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;"><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: normal;">&nbsp; &nbsp; &nbsp; &nbsp;</font></font></p>













</div>
<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; font-style: italic; font-weight: bold;">b. Leases payable</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;">&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;">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;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 147px; width: 100%;" width="100%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 90%; height: 17px;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,485,152</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest accrued</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;"> 32,878</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;">Payments of leases</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;"> (53,984)</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;">Interest payment</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;"> (33,280)</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;">Additions and remeasurement</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;"> 77,231</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;">Write-offs</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;"> (25,767)</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;">Balance as of March 31, 2025</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; height: 18px; border-bottom-color: #000000 !important; 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;"> 1,482,230</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: 10pt;">Current</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: 10pt;"> 318,932</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;">Non-current</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;"> 1,163,298</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;">&nbsp;</font></p>







</div>






</div>






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

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><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;">
<div>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>








</tr>























</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The undiscounted future cash outflows are presented below:</font><font style="font-family: 'times new roman', times; font-size: 10pt;"><b style="color: #000000; font-family: 'Times New Roman', serif; font-size: 14.6667px; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"></b><br></font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; 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: 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;">&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;">03/31/2025</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;">&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;">12/31/2024</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;">Up to 1 year</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">420,485</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: center;"><font 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; width: 10%; 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;">355,336</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;">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;">286,927</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;">&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;">282,945</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;">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;">235,979</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;">&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;">240,984</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;">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;">185,013</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;">&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;">188,002</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;">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;">157,252</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;">&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;">158,559</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;">More than 5 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">906,327</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;">&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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">891,997</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;">Total</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; 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;">2,191,983</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; 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;">2,117,823</font></p>
















</td>
















</tr>

































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;">The contracts of leases payable are substantially indexed by the IGP-M. </font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></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;">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;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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;">&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;">Contracts by maturity date and discount rate</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; 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: 8pt; font-weight: bold;">Maturity dates of the contracts</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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Rate (% p.a.)</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: 10pt;">From 1 to 5 years</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.60%</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;">From 6 to 10 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;">10.26%</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;">From 11 to 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: 10pt;">9.88%</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;">More than 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: 10pt;">9.66%</font></p>
















</td>
















</tr>

































</table>














</div>
<div>
<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;"><br></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;">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;">&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;">The effects of inflation for the period ended March 31, 2025 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;">&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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">Right-of-use </font><font style="font-weight: bold;">asset</font><font style="font-weight: bold;">, net</font></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;">&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;">Nominal base</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;">1,643,758</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;">Inflated base</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">1,950,088</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="color: #323130; font-family: 'times new roman', times; font-size: 10pt;">&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; 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;">18.6%</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;">Leases payable</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; font-weight: bold;">&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;">Nominal base</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;">1,482,230</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;">Inflated base</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">1,788,560</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="color: #323130; font-family: 'times new roman', times; font-size: 10pt;">&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; 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;">20.7%</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;">Financial expenses</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; font-weight: bold;">&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;">Nominal base</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;">32,878</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;">Inflated base</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">53,489</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="color: #323130; font-family: 'times new roman', times; font-size: 10pt;">&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; 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;">62.7%</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;">Amortization expense</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; font-weight: bold;">&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;">Nominal base</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;">78,396</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;">Inflated base</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">87,988</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="color: #323130; font-family: 'times new roman', times; font-size: 10pt;">&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; 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;">12.2%</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;">&nbsp;</font></p>







</div>






</div>






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

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










</tr>





















</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>










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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








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<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>








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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>








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<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;"><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;">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 period ended March 31, 2025 are presented below:</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;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















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<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;">Potential right of recoverable PIS and COFINS</font></p>
















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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash flow at present value</font></p>
















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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">137,106</font></p>
















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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Nominal cash flow</font></p>
















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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">202,758</font></p>
















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<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&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_142025143513952" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">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;">&nbsp;</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;">&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;">Weighted average useful life (years)</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;">Balance as of 12/31/2024</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;">&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;">Additions</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;">&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;">Depreciation</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;">&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 style="font-weight: bold;">Transfers (</font><font style="font-weight: bold;">i</font><font style="font-weight: bold;">)</font></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;">&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;">Write-offs</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;">&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;">Balance as of 03/31/2025</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;">Cost:</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: 10pt;">&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;">&nbsp;</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;">&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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</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;">&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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</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;">&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; page-break-after: avoid; page-break-inside: avoid; text-align: 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; width: 1%; 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; background-color: #cceeff; width: 9%; 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; background-color: #cceeff; width: 1%; 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; background-color: #cceeff; width: 9%; 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>
















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<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;">Land</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; 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; 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;">609,624</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;">&#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;">&#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;">(307)</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;">609,317</font></p>
















</td>













</tr>
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; 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;">Buildings</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">32</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;">1,745,097</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;">&nbsp;</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;">376</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">26,694</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;">&nbsp;</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;">(8)</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;">&nbsp;</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;">1,772,159</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;">Leasehold improvements</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;">16</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;">1,415,342</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;">5,192</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;">16,026</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;">(516)</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;">1,436,044</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 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;">Machinery and equipment</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: center;"><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: 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;">3,758,370</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;">&nbsp;</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;">34,911</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">53,094</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;">&nbsp;</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;">(1,676)</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;">&nbsp;</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;">3,844,699</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;">Automotive fuel/lubricant distribution equipment and facilities</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;">14</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;">3,199,426</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;">17,457</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;">85,583</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;">(92,030)</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;">3,210,436</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 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;">LPG tanks and bottles</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8</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;">1,085,787</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;">&nbsp;</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;">30,694</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">109</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;">&nbsp;</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;">(5,530)</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;">&nbsp;</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;">1,111,060</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;">Vehicles</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;">7</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;">395,885</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;">796</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;">-</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;">(8,875)</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;">387,806</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 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;">Furniture and fixtures</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8</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;">221,572</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;">&nbsp;</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;">2,666</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">(6,439)</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;">&nbsp;</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;">(4,118)</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;">&nbsp;</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;">213,681</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;">IT equipment</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;">5</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;">321,250</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;">5,646</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;">529</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;">(3,746)</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;">323,679</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 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;">Construction in progress</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</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;">1,347,892</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;">&nbsp;</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;">188,874</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">(160,433)</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">1,376,333</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;">Advances to suppliers</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></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;">44,966</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;">1,097</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;">(18,205)</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;">(3)</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;">27,855</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 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;">Imports in progress</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">3,128</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">&#8208;</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">&#8208;</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">&#8208;</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">&#8208;</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">3,128</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; 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: 18px;">
<p style="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; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">14,148,339</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">287,709</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">&#8208;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">(3,042)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">(116,809)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">14,316,197</font></p>
















</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accumulated depreciation:</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: center;"><font 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; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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; 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; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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; 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; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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; 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; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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; 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; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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; 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; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; 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>













</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;">Buildings</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;">&#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;">(558,622)</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;">(12,886)</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;">3</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;">(571,505)</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 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;">Leasehold improvements</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: center;"><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; 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;">(748,916)</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">(15,481)</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;">&nbsp;</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;">565</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;">&nbsp;</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;">512</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;">&nbsp;</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;">(763,320)</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;">Machinery and equipment</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;">&#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;">(2,347,962)</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;">(54,648)</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;">1,453</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;">(2,401,157)</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 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;">Automotive fuel/lubricant distribution equipment and facilities</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: center;"><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; 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;">(2,122,684)</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">(32,482)</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">90,087</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;">&nbsp;</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;">(2,065,079)</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;">LPG tanks and bottles</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;">&#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;">(670,068)</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;">(24,335)</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;">4,675</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;">(689,728)</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 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;">Vehicles</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: center;"><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; 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;">(154,622)</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">(9,887)</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;">&nbsp;</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;">&#8208;</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;">&nbsp;</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;">1,634</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;">&nbsp;</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;">(162,875)</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 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;">Furniture and fixtures</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;">&#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;">(142,493)</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;">(3,765)</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;">(573)</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;">4,606</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;">(142,225)</font></p>
















</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<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;">IT equipment</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: center;"><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; background-color: #cceeff; height: 10px; 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;">(265,675)</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px; 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;">&#8208;</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px; 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;">(5,793)</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px; 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;">248</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px; 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;">3,261</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px; 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;">(267,959)</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; 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: 18px;">
<p style="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; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">(7,011,042)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">&#8208;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">(159,277)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">240</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">106,231</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">(7,063,848)</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Provision for impairment losses</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="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; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,331)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; height: 18px;">
<p style="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; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; height: 18px;">
<p style="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; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; height: 18px;">
<p style="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; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; height: 18px;">
<p style="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; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,331)</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net amount</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="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; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">7,135,966</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">287,709</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">(159,277)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">(2,802)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">(10,578)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 18px; border-bottom-color: #000000 !important; 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;">7,251,018</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;">&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: 8pt;">(i) Refers to R$ 3,887 transferred to intangible assets and R$ 1,085 transferred from right-of-use 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;">&nbsp;</font></p>






</div>






</div>






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

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><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>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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;"><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;">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;">&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;">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; 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>
<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_142025143527727" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">14. Intangible assets (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;">&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;">
<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; border-bottom: 1px solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Weighted average useful life (years)</font></p>
















</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; 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;">Balance as of 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;">Additions</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;">Amortization</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 style="font-weight: bold;">Transfers (</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;">
<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;">Write-offs</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;">Balance as of 03/31/2025</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: 26%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost:</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 8%;">
<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; background-color: #cceeff; width: 1%;"><br></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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">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;">-</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;">982,359</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;">&#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;">&#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;">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;">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;">4</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;">1,707,645</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">71,141</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;">
<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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,249</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,162)</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,781,873</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;">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;">13</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;">176,687</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;">23,110</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;">&#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;">199,797</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;">Brands</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;">-</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;">61,366</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;">
<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; 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;">
<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; 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;">
<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; 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;">
<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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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;">Trademark 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;">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;">121,001</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;">2</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;">&#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;">121,003</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;">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;">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;">10,611</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;">
<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; 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;">
<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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">410</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;">
<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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,021</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;">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;">-</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">322</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; 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;">153,096</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; 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;">&#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; 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;">&#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; 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;">(18,759)</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; 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;">134,659</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;">&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;">&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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,059,991</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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">247,349</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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<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; 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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,659</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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(19,921)</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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,292,078</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;">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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">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;">&#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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,013,618)</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;">
<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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(62,300)</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;">&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;">(772)</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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;">&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;">(1,076,408)</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;">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;">&#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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(110,819)</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;">(1,557)</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;">-</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;">(112,376)</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;">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;">&#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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(22,997)</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;">
<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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,371)</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;">
<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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">257</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(24,111)</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;">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;">&#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-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;">(4,227)</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;">&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: 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; 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;">(1,179)</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; 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;">&#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; 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;">&#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; 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;">(5,406)</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;">&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;">&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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,151,661)</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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<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; 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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(66,407)</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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(772)</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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">539</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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,218,301)</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;">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;">&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-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<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; 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; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">247,349</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;">&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-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(66,407)</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; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,887</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; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(19,382)</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; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; border-bottom-color: #000000 !important; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,073,777</font></p>
















</td>



</tr>




















</table>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">(i) Refers to R$ 3,887 transferred from property, plant and equipment.</font></p>
<div><br></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'>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>
<table style="font-size: 10pt; width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="font-family: 'times new roman', times; font-weight: bold;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">and</font><font style="font-family: 'times new roman', times; float: none; display: inline !important;">&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>





</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="font-family: 'times new roman', times; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>





</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times; font-weight: bold;">For the periods ended March 31,&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">2025</font><font style="font-family: 'times new roman', times; font-weight: bold;">&nbsp;</font></td>





</tr>











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














</div>
<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; font-style: italic; font-weight: bold;">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;">&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;">The remaining net balance of goodwill on the following acquisitions is assessed for impairment annually or more frequently when there is indication that the goodwill might be impaired. The amount is made up of the following acquisitions.</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;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 248px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.5104%;" 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: 10pt;">&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;">
<p style="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;">Segment</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; 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;">03/31/2025</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-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>



</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 68%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Goodwill on the acquisition of:</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; 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;">&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;">Ipiranga (i)</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;">Ipiranga</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; 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;">276,724</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;">276,724</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;">Uni&#227;o Terminais</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultracargo</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; 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;">211,089</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;">&nbsp;</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;">211,089</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;">Texaco</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;">Ipiranga</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; 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;">177,759</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;">177,759</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;">Stella</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultragaz</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; 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;">103,051</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;">&nbsp;</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;">103,051</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;">Iconic (CBLSA)</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;">Ipiranga</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; 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;">69,807</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;">69,807</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;">WTZ (27.b)</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultragaz</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; 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;">52,038</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;">&nbsp;</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;">52,038</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;">Temmar</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;">Ultracargo</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; 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;">43,781</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;">43,781</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;">DNP</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ipiranga</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; 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;">24,736</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;">&nbsp;</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;">24,736</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;">Repsol</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;">Ultragaz</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; 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;">13,403</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;">13,403</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;">Neog&#225;s</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultragaz</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; 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;">7,761</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;">&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;">7,761</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;">Serra Diesel</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;">Ultrapar</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; 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;">1,413</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;">1,413</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;">TEAS</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultracargo</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; 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;">797</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">797</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;"><font 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;"><br></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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">982,359</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; 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;">982,359</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;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">(i) 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;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The goodwill presented above is based on the expectation of future profitability, supported by appraisal reports, after allocation of the identified assets. In the three-month period ended March 31, 2025, the Company did not identify any event that indicated the need to carry out an impairment test of the intangible asset.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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;"><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'>38</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>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>








</tr>























</table>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>














</div>
<div style="line-height: 1.1;">
<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="BSD_4_142025143545376" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">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;">&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;">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;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 600px; width: 99.9595%;" 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; 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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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: 8pt;">&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;"><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;"><br></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;"><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;"><br></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;"><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;"><br></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;"><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;" 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 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; 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: 29px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; 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;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Description</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 29px; 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: 8pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; 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;">Index/Currency</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; 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 financial charges 2024 (p.a.)</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px; 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 hedging instruments</font></p>
















</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; height: 29px; 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;">Maturity</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 29px;" valign="bottom">
<p style="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: 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;" valign="bottom">
<p style="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;">03/31/2025</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;" valign="bottom">
<p style="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: 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;" valign="bottom">
<p style="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>













</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: 35%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign currency:</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<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="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 12%;">
<p style="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; vertical-align: middle; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 13%;">
<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; 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;">&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; 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; 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;">&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; 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: 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;">Notes in the foreign market</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; 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;">USD</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5.3%</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center; text-indent: 2.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">141.7% of DI (**)</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; 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;">2026 to 2029</font></p>
















</td>
<td style="padding-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;">&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;">4,428,827</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">4,710,980</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;">Foreign loan</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-right: 3pt; 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;">USD</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; 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;">4.7%</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; 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;">107.2% of DI</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; 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;">2025 to 2026</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">606,433</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">691,006</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;">Foreign loan</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; 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;">US$ + SOFR</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.9%</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">103.3% of DI</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; 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;">2026</font></p>
















</td>
<td style="padding-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;">&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;">593,025</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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; 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;">Foreign exchange debentures</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-right: 3pt; 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;">USD</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; 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;">5.3%</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; 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;">101.7% of DI</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; 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;">2026</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">342,310</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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>













</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;">Foreign loan</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; 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;">EUR</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.4%</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">109.2% of DI</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; 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;">2025</font></p>
















</td>
<td style="padding-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;">&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;">778,147</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;">Foreign loan</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-right: 3pt; 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;">JPY</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; 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;">1.3%</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; 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;">109.4% of DI</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; 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;">2025</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">501,524</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; font-weight: bold;">Total in foreign currency</font></p>
















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
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; 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; font-weight: bold;">5,970,595</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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; 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; font-weight: bold;">6,681,657</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;">&nbsp;</font></p>
















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
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; height: 17px; 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; border-top-width: 2.8pt; border-top-style: double; height: 17px; 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; 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;">&nbsp;</font></p>
















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













</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;">Brazilian Reais:</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="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;">&nbsp;</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: 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;">&nbsp;</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: 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;">&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; 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;">&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; 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: 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; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><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; page-break-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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Debentures &#8211; CRA</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; 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;">IPCA</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5.3%</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">103.1% of DI</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; 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;">2025 to 2032</font></p>
















</td>
<td style="padding-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;">&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;">2,571,942</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">2,456,111</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;">CCB</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-right: 3pt; 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;">CDI</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; 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;">105.6%</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; 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;">n/a</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; 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;">2025 to 2026</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">1,309,010</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">1,464,624</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;">Debentures - Ultragaz</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; 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;">CDI + R$</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.7%</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</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; 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;">2027 to 2029</font></p>
















</td>
<td style="padding-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;">&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;">714,094</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">731,667</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;">Debentures &#8211; Ultracargo </font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-right: 3pt; 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;">IPCA</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; 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;">4.1%</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; 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;">111.4% of DI</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; 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;">2028</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">555,264</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">534,706</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;">CDCA</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; 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;">CDI + R$</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.9%</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</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; 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;">2027</font></p>
















</td>
<td style="padding-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;">&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;">551,584</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">534,374</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;">Debentures &#8211; CRA</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-right: 3pt; 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;">CDI + R$</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; 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;">0.7%</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; 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;">n/a</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; 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;">2027</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">492,448</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">490,971</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;">Debentures &#8211; CRA</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; 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;">Fixed rate</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11.2%</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">104.3% of DI</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; 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;">2027</font></p>
















</td>
<td style="padding-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;">&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;">491,174</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">477,827</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;">CDCA</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-right: 3pt; 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;">CDI</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; 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;">109.0%</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; 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;">n/a</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; 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;">2026 to 2027</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">205,290</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">293,374</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;">Constitutional Fund</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; 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;">IPCA</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.9%</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">69.5% of DI</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; 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;">2028 to 2041</font></p>
















</td>
<td style="padding-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;">&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;">191,300</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">114,472</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;">Debentures &#8211; Ultracargo </font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-right: 3pt; 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;">IPCA</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; 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;">6.3%</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; 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;">n/a</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; 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;">2032 to 2034</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">83,309</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">80,048</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;">FINEP</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; 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;">TJLP</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.0%</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">n/a</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; 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;">2026</font></p>
















</td>
<td style="padding-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;">&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;">526</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">679</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; font-weight: bold;">Total in Brazilian Reais</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-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;">&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; 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;">&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; 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;">&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; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; 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; font-weight: bold;">7,165,941</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; 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; font-weight: bold;">7,178,853</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; font-weight: bold;">Total in foreign currency and Brazilian Reais</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-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;">&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;" valign="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;" valign="bottom"><br></td>
<td style="padding-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;">&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; 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;">&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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; 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; font-weight: bold;">13,136,536</font></p>
















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
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; 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; font-weight: bold;">13,860,510</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Derivative financial instruments (*)</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-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;">&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; 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;">&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; 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;">&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; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&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; 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;">419,391</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; 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; font-weight: bold;">441,600</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total </font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<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;">&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;" valign="bottom">
<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;">&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;" valign="bottom">
<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;">&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; height: 17px; vertical-align: bottom;" valign="bottom">
<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;">&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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; 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; font-weight: bold;">13,555,927</font></p>
















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
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; 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; font-weight: bold;">14,302,110</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; font-weight: bold;">Current</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-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;">&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; 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;">&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; 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;">&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; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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-weight: bold;">2,582,489</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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-weight: bold;">3,552,760</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1 to 2 years</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<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;">&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;" valign="bottom">
<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;">&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;" valign="bottom">
<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;">&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; height: 17px; vertical-align: bottom;" valign="bottom">
<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;">&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;">&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;">3,419,746</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">3,261,425</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2 to 3 years</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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;">&nbsp;</font></p>
















</td>
<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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<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;">&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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<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;">&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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">2,626,636</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">1,611,526</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3 to 4 years </font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<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;">&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;" valign="bottom">
<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;">&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;" valign="bottom">
<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;">&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; height: 17px; vertical-align: bottom;" valign="bottom">
<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;">&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;">&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;">1,130,449</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">2,062,967</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4 to 5 years</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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;">&nbsp;</font></p>
















</td>
<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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<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;">&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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<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;">&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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">2,416,437</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">2,437,398</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">More than 5 years</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<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;">&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;" valign="bottom">
<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;">&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;" valign="bottom">
<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;">&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; height: 17px; vertical-align: bottom;" valign="bottom">
<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;">&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;">&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;">1,380,170</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">1,376,034</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; font-weight: bold;">Non-current </font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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="padding-left: 3pt; padding-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;">&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; 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;">&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; 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;">&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; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; 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; font-weight: bold;">10,973,438</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; 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; font-weight: bold;">10,749,350</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>
<table style="width: 100%; margin-left: 0.1px; 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: 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: 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;">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: 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><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; line-height: inherit; display: inline !important;">Considers a protection instrument for the principal of 52.5% of the DI and for interest DI minus 1.4% for a notional amount of US$ 300 million. Does not include the positive result of the natural hedge strategy through financial investments in US$.</font></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>






</div>






</div>






</div>
<div style="line-height: 1.1;">
<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>










</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: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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;"><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;">The changes in loans, financing, debentures and derivative financial instruments 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;">&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;">&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;">&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;">Consolidated</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; width: 89%;">
<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; 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; font-weight: bold;">&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; 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;">14,302,110</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;">Proceeds</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;">&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;">1,682,044</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;">Interest accrued</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;">&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;">249,952</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;">Principal payment</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;">&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;">(2,077,454)</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;">Interest payment</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;">&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;">(246,725)</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;">Monetary variations and foreign exchange variations</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;">&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;">(361,370)</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;">Change in fair value</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;">&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;">29,579</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;">Hedge result</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;">&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;">(22,209)</font></p>
















</td>
















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<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;">Balance as of March 31, 2025</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; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; 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;">13,555,927</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;">&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;">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 March 31, 2025, the amount recognized in profit or loss was R$ 4,542 (R$ 4,720 as of March 31, 2024). The balance to be recognized in the next years is R$ 67,860 (R$ 69,914 as of December 31, 2024).</font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify;"><br></font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify;">b. Guarantees</font></p>














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<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; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of March 31, 2025, there was R$ 191,230 (R$ 114,472 as of December 31, 2024) in financing that had real guarantees. There was also R$ 12,009,901 (R$ 13,586,936 as of December 31, 2024) in financing without real guarantees, with sureties or promissory notes.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company and its subsidiaries offer collateral in the form of letters of guarantee for commercial and legal proceedings in the amount of R$ 98,516 as of March 31, 2025 (R$ 97,947 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;">&nbsp;</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-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$ 181,754 (R$ 219,700 as of December 31, 2024). 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 March 31, 2025, subsidiary Ipiranga did not have losses in connection with these collateral arrangements.</font></p>






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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><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'>40</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: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="font-family: 'times new roman', times; font-weight: bold;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">and</font><font style="font-family: 'times new roman', times; float: none; display: inline !important;">&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>






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<td style="width: 50%; height: 17px;"><b style="font-family: 'times new roman', times; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>






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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times; font-weight: bold;">For the periods ended March 31,&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">2025</font><font style="font-family: 'times new roman', times; font-weight: bold;">&nbsp;</font></td>






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<p style="margin: 10pt 0pt 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;">c. Relevant operations contracted in the period</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;">&nbsp;</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;">The main operations contracted in the period 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;">&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;">Description</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; 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;">Index/ Currency</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px;" valign="bottom">
<p style="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>
















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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;">Financial charges</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px;" valign="bottom">
<p style="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>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; 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;">Hedging instruments</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px;" valign="bottom">
<p style="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>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; 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;">Issuance date</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px;" valign="bottom">
<p style="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>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; 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;">Maturity</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: 8pt;">&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;">Principal</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px;" 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>
















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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;">Principal in R$</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; 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;">Remuneration payment</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; 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;">Nominal amount payment</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; 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;">Company</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 18%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange debentures</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 12px;" valign="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; width: 7%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5.3%</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: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">101.7% of DI</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: 10pt;">&nbsp;</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Mar/25</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="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; vertical-align: bottom; width: 7%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Mar/26</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="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>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD 60,269</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: 10pt;">&nbsp;</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">350,000</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At final maturity</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At final maturity</font></p>
















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9%; background-color: #cceeff; height: 12px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultracargo Log&#237;stica</font></p>
















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<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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4131</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;">SOFR</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;"><font style="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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.9%</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: center;"><font style="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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">102.9% of DI</font></p>
















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<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: center;"><font style="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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Feb/25</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: center;"><font style="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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Feb/26</font></p>
















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<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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















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<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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD 100,000</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: center;"><font style="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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">577,800</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Quarterly</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At final maturity</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cia Ultragaz</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">CCB</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; 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;">CDI</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; 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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">104.0%</font></p>
















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
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="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; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Mar/25</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="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; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Mar/27</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="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; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">R$ 360,000</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="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; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">360,000</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; 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;">Quarterly</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; 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;">At final maturity</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; 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;">Cia Ultragaz</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">FNE</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: 10pt;">IPCA</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: 10pt;">&nbsp;</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: 10pt;">2.9%</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: 10pt;">&nbsp;</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: 10pt;">69.7% of DI</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: 10pt;">&nbsp;</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: 10pt;">Feb/25</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: 10pt;">&nbsp;</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: 10pt;">Nov/41</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: 10pt;">&nbsp;</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: 10pt;">R$ 100,976</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: 10pt;">&nbsp;</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: 10pt;">100,976</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: 10pt;">Monthly w/ grace period</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: 10pt;">2028 to 2041</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: 10pt;">Ultracargo Log&#237;stica</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: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>














</div>
<div>
<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_142025143610874" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">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;">&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;">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;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 88px; 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: 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;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">03/31/2025</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;">12/31/2024</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; width: 79%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Domestic suppliers</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,873,573</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: 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: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,558,813</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;">Trade payables - domestic related parties (see Note 8.b)</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;">30,269</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;">&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;">23,432</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;">Foreign suppliers</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;">363,373</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;">&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;">776,052</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;">Trade payables - foreign related parties (see Note 8.b)</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">99,449</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;">&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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">160,088</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,366,664</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;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,518,385</font></p>
















</td>













</tr>






























</table>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;">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;">&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 March 31, 2025, to accurately reflect the essence of commercial transactions, the balance reverse factoring transactions for which suppliers have already received payments was R$ 1,167,001 (R$ 1,014,504 as of December 31, 2024). 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="margin: 0pt 0pt 0pt 14.2pt; 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>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 44px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 46.58%; 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 colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Consolidated</font></p>
















</td>
















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 46.58%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 18.94%; height: 10px; 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;">Reverse factoring</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 34.48%; height: 10px; 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 style="font-weight: bold;">Comparable suppliers</font><font style="font-weight: bold; vertical-align: super;">1</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 46.58%; 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;">Average payment term</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 18.94%; height: 17px; 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;">14</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 34.48%; height: 17px; 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;">8</font></p>
















</td>
















</tr>

































</table>
<p style="font-size: 12pt; line-height: 108%; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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: 8pt;"><font style="vertical-align: super;">1 </font>Comparable suppliers are those that have not adhered to reverse financing agreements, considering specific characteristics of payment conditions.</font></p>







</div>






</div>






</div>
<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;"><br></font></p>













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

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>41</font></font></td>










</tr>





















</table>










</div>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
<div>
<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: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>








</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>








</tr>























</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><br></p>
<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;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_6_142025143629161" class="customBookmark"><font style="color: #ffffff; font-weight: bold;">17. Employee benefits and private pension plan (Consolidated)</font></a><font style="color: #ffffff; font-weight: bold;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_6_142025143629161" class="customBookmark">&nbsp;&nbsp;&nbsp;</a>&nbsp;&nbsp;&nbsp;&nbsp;&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;">&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="font-style: italic; font-weight: bold;">a. </font><font style="font-style: italic; font-weight: bold;">Post-employment</font><font style="font-style: italic; font-weight: bold;"> benefits (Consolidated)</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;">&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;">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="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;">&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 amounts related to such benefits are based on a valuation conducted by an independent actuary and reviewed by Management as of March 31, 2025.</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;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 133px; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">03/31/2025</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">12/31/2024</font></p>
















</td>












</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 79%; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Health and dental care plan <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">180,749</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; width: 10%; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">177,958</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;">Indemnification of FGTS</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;">33,657</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;">32,420</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;">Seniority bonus</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;">1,859</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;">&nbsp;</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;">1,795</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;">Life insurance <font style="vertical-align: super; font-size: 8pt;">(2)</font></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: 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;">10,987</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;">&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: 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;">10,703</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; 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: middle; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">227,252</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">222,876</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; 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: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24,098</font></p>
















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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: 18px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24,098</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;">Non-current</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;">203,154</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;">&nbsp;</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;">198,778</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;">&nbsp;</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 0.819001%;"><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: -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; vertical-align: super;">(1)</font><font style="color: #000000; 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; line-height: normal; font-family: 'times new roman', times; letter-spacing: normal; orphans: 2; text-align: start; 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;">&nbsp;</font></font></td>
<td style="width: 99.181%;"><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: -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;">Applicable to Ipiranga, Tropical (merged by Ipiranga) and Iconic.</font></td>












</tr>
<tr>
<td style="width: 0.819001%;"><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: -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;">(2)</font></td>
<td style="width: 99.181%;"><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: -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;">Applicable to&nbsp;</font>Ipiranga<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: -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;">, Tropical (merged by&nbsp;</font>Ipiranga<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: -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;">),&nbsp;</font>Ultragaz<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: -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;">&nbsp;and&nbsp;</font>Ultrapar<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: -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;">.</font></font></td>












</tr>

























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<p style="margin: 0pt 0pt 0pt 25.1pt; page-break-after: avoid; page-break-inside: avoid; text-indent: -18pt;"><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'>42</font></font></td>










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</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>










</div>
<p style="margin: 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>















</div>














</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="line-height: 1.2;">
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>




</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>




</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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="BSD_7_14202514433044" 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; 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;"><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;"><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>
<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: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.8354%;" 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; 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;"><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;">
<p style="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>
<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: 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;">Additions</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: 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;">Reversals</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;">Payments</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: 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;">Interest</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: 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;">Balance as of 03/31/2025</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;">&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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times 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;"><font style="font-family: 'times 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;"><font style="font-family: 'times 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;"><font style="font-family: 'times 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;"><font style="font-family: 'times 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;"><font style="font-family: 'times 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;"><font style="font-family: 'times 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;"><font style="font-family: 'times 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;"><font style="font-family: 'times 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;"><font style="font-family: 'times 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;"><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: 34%;">
<p style="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</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 1%;"><br></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;">32,946</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;">62</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;">&#8208;</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;">(95)</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;">101</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;">33,014</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;">Tax</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;">67,082</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;">962</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;">(814)</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;">(7,247)</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;">441</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;">60,424</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;">Civil, environmental and regulatory claims</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;">161,972</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;">3,669</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;">(680)</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;">(1,365)</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</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;">163,614</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;">Provision for indemnities</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;">206,808</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;">314</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;">(7,731)</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;">&#8208;</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;">1,958</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;">201,349</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;">Labor</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;">54,169</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;">6,391</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;">(1,575)</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;">(572)</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;">301</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;">58,714</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;"><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;">135,383</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;">&#8208;</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;">&#8208;</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;">&#8208;</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;">1,224</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;">136,607</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;">Total</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-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; 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>
<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-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; 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;">11,398</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,800)</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-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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,279)</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-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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,043</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-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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">653,722</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;">Current</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;">47,788</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;">&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>
<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;">&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>
<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;">&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>
<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;">51,277</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;">Non-current</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;">610,572</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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">602,445</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balance 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; 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;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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;">03/31/2025</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; 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; width: 10%; 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: 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;">Tax</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;">316,679</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;">306,593</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;">22,574</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;">24,070</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;">62,260</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;">115,413</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;">401,513</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;">446,076</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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">In the quarter ended March 31, 2025, the monetary variation on escrow deposits amounted to R$&nbsp;9,039 (R$ 10,077 as of March 31, 2024), recorded as financial income in the statement of income for the period. </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; 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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Regarding the provision for indemnities, as a result of the sale of Oxiteno, completed on April 1, 2022, Ultrapar assumed contractual liability for losses related to acts prior to the closing of the transaction. Thus, the provision for the reimbursement to Indorama was recorded, in the event the losses materialize, in the amount of R$ 169,402 as of March 31, 2025 (R$ 174,408 as of December 31, 2024), of which R$ 96,168 (R$ 95,274 as of December 31, 2024) for labor claims, R$ 25,674 (R$&nbsp;26,074 as of December 31, 2024) for civil claims and R$ 47,560 (R$ 53,060 as of December 31, 2024) 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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Regarding the sale of Extrafarma, completed on August 1, 2022, whose liability for losses prior to the transaction was assumed by subsidiary Ipiranga, the provision for reimbursement to Pague Menos, in the event the losses materialize, totaled R$ 31,947 as of March 31, 2025 (R$ 32,400 as of December 31, 2024), of which R$ 12,078 (R$12,074 as of December 31, 2024) for labor claims, R$&nbsp;6,397 (R$7,007 as of December 31, 2024) for civil claims and R$ 13,473 (R$ 13,319 as of December 31, 2024) for tax claims.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><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'>43</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: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>




</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>




</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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; font-style: italic; font-weight: bold; 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-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; 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; 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 administrative and legal proceedings for tax, civil and labor claims which, based on the assessment of the legal departments and the advice of external legal advisors, were classified as a possible loss. Due to this classification, no provision for these contingencies was recorded in the interim financial information.</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 contingent liabilities, classified as possible loss, by nature are as follows:</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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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 79%; 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; font-weight: bold; line-height: inherit;">Contingent liabilities (possible)</font></p>












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<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">03/31/2025</font></p>












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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; height: 10px; text-align: center;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; text-align: center;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












</td>


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<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: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax (b.1)</font></p>












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<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;">5,520,466</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;">4,176,046</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; 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: 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;">830,491</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;">815,203</font></p>












</td>


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<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: 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: 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;">301,190</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;">293,938</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: 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;">6,652,147</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>












</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;">5,285,187</font></p>












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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><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.1 Contingent tax liabilities</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; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The Company and its subsidiaries are also parties to administrative and legal proceedings involving IRPJ, CSLL, PIS and COFINS, mainly related to denial of offset claims and disallowance of tax credits. The total amount of these contingencies amounted to R$ 3,413,143 as of March 31, 2025 (R$&nbsp;2,049,421 as of December 31, 2024). </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Among the most relevant cases, a tax assessment related to IRPJ and CSLL stands out, resulting from the alleged undue amortization of goodwill generated on the acquisition of Ipiranga in 2007, amounting to R$ 270,821 as of March 31, 2025 (R$ 266,619 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>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Additionally, subsidiary Ipiranga and its subsidiaries have legal proceedings related to discussions of ICMS, in the consolidated amount of R$ 1,634,222 as of March 31, 2025 (R$ 1,357,445 as of December 31, 2024). The main discussions include: i) credits considered undue in the amount of R$&nbsp;147,399 as of March 31, 2025 (R$ 145,126 as of December 31, 2024), ii) alleged non-payment in the amount of R$ 208,530 as of March 31, 2025 (R$ 203,531 as of December 31, 2024); iii)&nbsp;conditioned fruition of tax incentive in the amount of R$ 195,896 as of March 31, 2025 (R$ 191,549 as of December 31, 2024); iv) inventory differences in the amount of R$ 287,472 as of March 31, 2025 (R$ 279,448 as of December 31, 2024); v) 2% surcharge on products considered non-essential (hydrated ethanol) in the amount of R$ 229,501 as of March 31, 2025 (R$ 223,691 as of December 31, 2024); vi) disallowance of credits on interstate transfers in the amount of R$ 253,418 as of March 31, 2025 (R$ 0 as of December 31, 2024).</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; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; 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, in the amount of R$&nbsp;199,126 as of March 31, 2025 (R$ 194,508 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>
<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.2 Contingent civil liabilities</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; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The Company and its subsidiaries have contingent liabilities for civil, environmental and regulatory claims in the amount of R$ 830,491 as of March 31, 2025 (R$ 815,203 as of December 31, 2024), mainly represented by the following proceedings involving subsidiary Cia. Ultragaz: (i) administrative proceedings filed by CADE, referring to alleged anti-competitive practices in municipalities in the Tri&#226;ngulo Mineiro region in 2001. At the administrative level, Cia. Ultragaz was ordered to pay a fine, in the updated amount of R$ 38,322 as of March 31, 2025 (R$ 38,005 as of December 31, 2024). The imposition of such administrative decision was suspended by a court order and its merit is being judicially reviewed; and (ii) lawsuits filed by resellers, who are seeking indemnity, in addition to the nullity and termination of distribution contracts, totaling R$ 161,279 as of March 31, 2025 (R$&nbsp;187,460 as of December 31, 2024).</font></p>



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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="font-family: 'times new roman', times; font-weight: bold;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">and</font><font style="font-family: 'times new roman', times; float: none; display: inline !important;">&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>



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<td style="width: 50%; height: 17px;"><b style="font-family: 'times new roman', times; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>



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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">&nbsp;</font></td>



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<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">c. Lubricants operation between </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Ipiranga</font><font style="font-style: italic; font-weight: bold; line-height: inherit;"> and Chevron</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;">&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 provisions of shareholder Chevron&#8217;s liability amount to R$ 36,397 (R$ 36,146 as of December 31, 2024), for which an indemnification asset was recorded, comprising R$ 32,55 as of March 31, 2025 (R$ 32,380 as of December 31, 2024) for tax claims and R$ 3,620 (R$ 3,544 as of December 31, 2024) for 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;">&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;">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 March 31, 2025 (R$ 89,952 as of December 31, 2024). 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>
<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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<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_8_142025144351899" 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; 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-size: 10pt; font-family: 'times new roman', times; 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; 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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">On February 28, 2024, August 7, 2024 and February 26, 2025, the Board of Directors confirmed the issuance of 191,778, 35,235 and 67,679, 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; 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-size: 10pt; font-family: 'times new roman', times; 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 March 31, 2025, R$ 3,666 was recorded as financial expense (financial expense of R$&nbsp;6,623 as of March 31, 2024) due to the update of subscription warrants, and 2,938,962 shares linked to subscription warrants &#8211; indemnification remain retained which may be issued or canceled depending on whether the final decisions on the lawsuits will be favorable or unfavorable, being the maximum number of shares that can be issued in the future, totaling R$ 50,286 (R$ 47,745 as of December 31, 2024).</font></p>




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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="font-family: 'times new roman', times; font-weight: bold;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">and</font><font style="font-family: 'times new roman', times; float: none; display: inline !important;">&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">Subsidiaries</font></font></td>
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<td style="width: 50%; height: 17px;"><b style="font-family: 'times new roman', times; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>



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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">&nbsp;</font></td>



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<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>







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<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_9_14202514445706" 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</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;"><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; 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 of March 31, 2025, the subscribed and paid-up capital consists of 1,115,507,182 common shares with no par value (1,115,439,503 as of December 31, 2024), 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: 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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">On February 26, 2025, the 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 at the time of the merger of all Extrafarma shares into the Company, approved by the Company&#8217;s Extraordinary General Meeting held on January 31, 2014.</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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The price of the outstanding shares on B3 as of March 31, 2025 was R$ 17.11 (R$ 15.88 as of December 31, 2024).</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 of March 31, 2025, there were 66,272,789 common shares outstanding abroad in the form of ADRs (65,757,889 shares as of December 31, 2024).</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>







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<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-style: italic; font-weight: bold; line-height: inherit;">b. Equity instrument granted</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-size: 10pt; font-family: 'times new roman', times; 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 March 31, 2025, the balance of treasury shares granted with right of use was 14,083,439 common shares (14,083,439 as of December 31, 2024).</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; font-style: italic; font-weight: bold; line-height: inherit;">c. Treasury 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; 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 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; 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-size: 10pt; font-family: 'times new roman', times; 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 and, in 2025, 6,874,500 shares were acquired at an average cost of R$&nbsp;16.64 per share.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of March 31, 2025, the balance was R$ 710,699 (R$ 596,400 as of December 31, 2024) and 26,157,971 common shares (19,283,471 as of December 31, 2024) were held unrestricted in the Company's treasury, acquired at an average cost of R$ 17.66 per share.</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>
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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; height: 10px; 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;">03/31/2025</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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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">26,157,971</font></p>












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<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;">Balance of treasury shares granted with right of use</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: 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;">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 March 31, 2025</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: 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">40,241,410</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'>46</font></font></td>






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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="font-family: 'times new roman', times; font-weight: bold;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">and</font><font style="font-family: 'times new roman', times; float: none; display: inline !important;">&nbsp;</font><font style="font-family: 'times new roman', times; font-weight: bold;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>



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<td style="width: 50%; height: 17px;"><b style="font-family: 'times new roman', times; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>



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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">&nbsp;</font></td>



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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">d. Capital </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">reserve</font></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-size: 10pt; font-family: 'times new roman', times; 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 28, 2024, August 7, 2024 and February 26, 2025, there was an increase in the reserve in the amounts of R$ 5,631, R$ 821 and R$ 1,126, respectively, due to the partial exercise of the subscription warrants &#8211; indemnification (see Note 19).</font></p>












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<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-style: italic; font-weight: bold; line-height: inherit;">e. Approval of dividends</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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">On February 26, 2024, the Board of Directors approved the distribution of dividends in the amount of R$ 493,301 (R$ 0.45 per share), paid on March 14, 2025, without remuneration or monetary variation. Of this amount, R$ 285,180 (R$0.26 per share) refer to minimum mandatory dividends and R$&nbsp;208,121 (R$0.19 per share) to additional dividends to the minimum mandatory dividends.</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>







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<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_10_142025144419227" 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; 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>
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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;">03/31/2024</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;">Sales revenue:</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: 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;">&nbsp;</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;">Merchandise</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;">34,054,088</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,238,442</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;">Services rendered and others</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;">457,288</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>












</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; line-height: inherit;">420,588</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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Electricity <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: 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;">160,741</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;">&#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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sales returns, rebates and discounts</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; line-height: inherit;">(224,040)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(249,380)</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;">Amortization of contract assets</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(105,489)</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-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;">(132,658)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,342,588</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,276,992</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;">Taxes on sales</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;">(1,013,326)</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;">(881,090)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new 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; page-break-after: avoid; page-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: 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;">Net revenue</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;">33,329,262</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;">30,395,902</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="line-height: 1.2;"><font style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(1</font><font style="vertical-align: super; line-height: inherit;">)</font> Refers to revenue from the sale of electricity of subsidiary Witzler, acquired by Ultragaz in 2024. For further information, see Note 27.b.</font></p>
<p style="margin: 0pt; text-align: right;"><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'>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>
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>




</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>




</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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 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_11_142025144432715" 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; 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 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: '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: 324px; 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;"><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: 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; line-height: inherit;">Parent</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; line-height: inherit;">&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; 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: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><br></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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: right;"><font style="font-weight: bold; font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">03/31/2025</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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: right;"><font style="font-weight: bold; font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">03/31/2024</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px;">
<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: middle; 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: right;"><font style="font-weight: bold; font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">03/31/2025</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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: right;"><font style="font-weight: bold; font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">03/31/2024</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; width: 57%;"><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; float: none; display: inline !important; line-height: inherit;">Raw materials and materials for use and consumption</font><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; text-align: right; background-color: #cceeff; width: 10%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">&#8208;</font><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; text-align: right; background-color: #cceeff; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,560)</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; text-align: right; background-color: #cceeff; width: 10%;"><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; float: none; display: inline !important; line-height: inherit;">(30,636,655)</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; text-align: right; background-color: #cceeff; width: 10%;"><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; float: none; display: inline !important; line-height: inherit;">(27,820,663)</font></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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Purchase of electricity<font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(a)</font></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;">&#8208;</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;">&#8208;</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;"><font style="font-family: 'times new 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;">(128,842)</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;">&#8208;</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; line-height: inherit;">Personnel expenses</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; line-height: inherit;">(68,756)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(55,758)</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;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(638,651)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(596,271)</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;">Freight and storage</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;">&#8208;</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; 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;">(469)</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; 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;">(277,248)</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; 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;">(314,504)</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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Decarbonization obligation <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(b)</font></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;">&#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: 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;">&#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;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(116,422)</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: 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;">(182,284)</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;">Services provided by third parties</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;">(21,319)</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; 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;">(23,961)</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; 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;">(169,545)</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; 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;">(165,948)</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; line-height: inherit;">Depreciation and amortization</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; line-height: inherit;">(4,087)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,122)</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;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(225,684)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(208,704)</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;">Amortization of right-of-use assets</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;">(750)</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; 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;">(604)</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; 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;">(78,387)</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; 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;">(71,071)</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; line-height: inherit;">Advertising and marketing</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; line-height: inherit;">(302)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(249)</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;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(29,687)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(38,012)</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;">Other expenses and income, net</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;">(7,110)</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; 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;">31,749</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; 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;">(92,940)</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; 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;">(84,820)</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; line-height: inherit;">SSC/Holding expenses</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; line-height: inherit;">89,239</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76,604</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;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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: 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; 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; page-break-after: avoid; page-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; 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;">Total</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: 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;">(13,085)</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; line-height: inherit;">&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: 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;">22,630</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; line-height: inherit;">&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: 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;">(32,394,061)</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; line-height: inherit;">&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: 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;">(29,482,277)</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; line-height: inherit;">Classified as:</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; line-height: inherit;">&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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&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;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&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; 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; page-break-after: avoid; page-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: 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;">Cost of products and services sold</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;">&#8208;</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; 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;">&#8208;</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; 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;">(31,187,631)</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; 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;">(28,334,690)</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; line-height: inherit;">Selling and marketing</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; line-height: inherit;">&#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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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: 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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(601,565)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(569,000)</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;">General and administrative</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;">(12,635)</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; 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;">(12,588)</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; 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;">(518,362)</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; 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;">(440,800)</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; line-height: inherit;">Other operating income (expenses), net</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; line-height: inherit;">(450)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,218</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;"><font style="font-family: 'times new 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(86,503)</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(137,787)</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;">Total</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;">(13,085)</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; 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;">22,630</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; 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;">(32,394,061)</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; 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;">(29,482,277)</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-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(a)</font> Refers to the purchase of electricity of subsidiary Witzler, acquired by Ultragaz in 2024. For further information, see Note&nbsp;27.b.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(b)</font> Refers to the obligation established by the RenovaBio program to meet decarbonization 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>




</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'>48</font></font></td>






</tr>













</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>






</div>











</div>










</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>







</tr>





















</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><br></p>
<div style="background-color: #002060; margin: 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="Bb1_142025134050515" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #ffffff; font-weight: bold;">23. Financial </font><font style="color: #ffffff; font-weight: bold;">result</font></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="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 285px; 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;"><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: 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; 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: 8pt;">&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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">03/31/2025</font></p>

















</td>
<td style="padding-left: 3pt; 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: 8pt; 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; 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;">03/31/2024</font></p>

















</td>
<td style="padding-left: 3pt; 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: 8pt; 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; 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;">03/31/2025</font></p>

















</td>
<td style="padding-left: 3pt; 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: 8pt; 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; 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;">03/31/2024</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; 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; 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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&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 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: 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;">11,606</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;">&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;">12,873</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;">&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;">114,825</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;">&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;">99,950</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; 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: 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;">&#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; text-align: right;"><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; 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: 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; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">43,550</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; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">37,712</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;">Selic interest on PIS/COFINS credits</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="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;">3</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">10,222</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">10,792</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; 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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,675</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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,870</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; 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;">8,293</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; 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;">11,741</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;">&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: 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;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">17,281</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; 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: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">19,746</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; 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: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">176,890</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; 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: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">160,195</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; 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;">Interest on loans, financing and 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(428)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(293)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(338,581)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(261,567)</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;">(180)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">(183)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">(32,878)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">(33,547)</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; 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; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,666)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(6,623)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(3,666)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(6,623)</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;">(267)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">(503)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">(21,019)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">(36,396)</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; 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; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="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;">65,377</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(90,636)</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; 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)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font 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;">(11,040)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font 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;">(26,092)</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;">(14,195)</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;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(4,587)</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;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(18,642)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(356,859)</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(442,964)</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; 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;">12,694</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font 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;">1,104</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font 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;">(179,969)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font 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;">(282,769)</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: Arial; font-size: 12pt;">&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="Bb2_14202513411979" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">24. Earnings per share (Parent and 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: Aptos; font-size: 10pt;">&nbsp;</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;">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</font><font style="font-family: Aptos; font-size: 10pt;">&nbsp;</font><font style="font-family: Aptos; font-size: 10pt;">8.d and 19, respectively.</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Arial; 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: 265px; 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: 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;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">03/31/2025</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 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;">03/31/2024</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-size: 10pt; font-family: 'times new roman', times;"><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: middle; background-color: #cceeff; height: 17px;">
<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: middle; background-color: #cceeff; height: 17px;">
<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: middle; background-color: #cceeff; height: 17px;">
<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: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 79%; height: 10px;">
<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: middle; width: 10%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">332,846</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; height: 10px;">
<p style="margin: 0pt; text-align: 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: 10%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">431,474</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;">Weighted average number of shares outstanding (in thousands)</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;">1,093,932</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;">&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;">1,099,019</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: 10pt;">Basic earnings per share - R$</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: 10pt;">0.3043</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: 10pt;">&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: 10pt;">0.3926</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;"><font 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; height: 10px;">
<p style="margin: 0pt; text-align: 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; height: 10px;">
<p style="margin: 0pt; text-align: 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; height: 10px;">
<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: middle; height: 10px;">
<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: middle; height: 10px;">
<p style="margin: 0pt; text-align: 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: 10px;">
<p style="margin: 0pt; text-align: 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: 10px;">
<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: middle; background-color: #cceeff; height: 10px;">
<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: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: 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; height: 10px;">
<p style="margin: 0pt; text-align: 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; height: 10px;">
<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; vertical-align: middle; height: 17px;">
<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: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">332,846</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;">&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;">431,474</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;">Weighted average number of outstanding shares (in thousands), including dilution effects</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;">1,110,955</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;">&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;">1,111,626</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;">Diluted earnings per share - R$</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;">0.2996</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;">&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;">0.3881</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;"><font style="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; height: 10px;">
<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; background-color: #cceeff; height: 10px;">
<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; background-color: #cceeff; height: 10px;">
<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: middle; height: 17px;">
<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;">
<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;"><font style="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;"><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; background-color: #cceeff; height: 17px;">
<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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,093,932</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;">&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;">1,099,019</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;">Dilution effect</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: 10pt;">&nbsp;</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: 10pt;">&nbsp;</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: 10pt;">&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 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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,939</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;">&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;">3,095</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;">Stock plan</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;">14,084</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;">&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;">9,512</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;">Weighted average number of shares for diluted earnings per share</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;">1,110,955</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;">&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;">1,111,626</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: 10pt;">&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: Aptos; font-size: 10pt;">Earnings per share were adjusted retrospectively by the issuance of 2,924,003 common shares due to the partial exercise of the rights conferred by the subscription warrants disclosed in Note 19.</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: Aptos; font-size: 10pt;"><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'>49</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>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>







</tr>





















</table>











</div>
<div>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: Arial; font-size: 9pt; font-weight: bold;">&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="Bb3_142025134112483" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">25. Segment information</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;">&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;">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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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: 54px; 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; vertical-align: middle; width: 17.16%; 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;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold;">Segment</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 82.84%; 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;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold;">Main activities</font></p>

















</td>

















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 17.16%; height: 17px; vertical-align: middle; text-align: justify;" valign="middle">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultragaz</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 82.84%; height: 17px; vertical-align: top; text-align: justify;" valign="top">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><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: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 17.16%; height: 10px; vertical-align: middle; text-align: justify;" valign="middle">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ipiranga</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 82.84%; height: 10px; vertical-align: top; text-align: justify;" valign="top">
<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;">&nbsp;</font><font style="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 </font><font style="font-size: 10pt;">Ipiranga</font><font style="font-size: 10pt;"> brand throughout Brazil and to major consumers and carrier-reseller-retailer (TRRs), as well as in the convenience stores and automotive services segments.</font></font></p>

















</td>

















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 17.16%; height: 10px; vertical-align: middle; text-align: justify;" valign="middle">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultracargo</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 82.84%; height: 10px; vertical-align: top; text-align: justify;" valign="top">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><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: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 11pt;">&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: Aptos; font-size: 10pt; font-style: italic; font-weight: bold;">a. Geographic area information</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>
<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;">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: 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="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: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: Aptos; 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: 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;">03/31/2025</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;">03/31/2024</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: 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;">Net revenue from sales and services:</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">&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 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;">Brazil</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;"> 33,169,116</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;">&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;"> 29,705,047</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 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;">Europe</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;"> 3,205</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;">&nbsp;</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;"> 20,519</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;">United States of America and Canada</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;"> 89,156</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;"> 558,748</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 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 Latin American countries</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;"> 37,264</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;">&nbsp;</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;"> 57,957</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;">Others</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;"> 30,521</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;"> 53,631</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 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; vertical-align: middle; height: 10px; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 33,329,262</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;">&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-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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 30,395,902</font></p>





</td>





</tr>











</table>




<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'>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>
<p style="margin:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<div>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>







</tr>





















</table>











</div>
<div>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: Arial; font-size: 9pt; 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;"><font style="font-style: italic; font-weight: bold;">b. </font><font style="font-style: italic; font-weight: bold;">Financial</font><font style="font-style: italic; font-weight: bold;"> information related to segments</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: Aptos; font-size: 10pt;">&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;">The main financial information of each of the continuing operations of the Company&#8217;s segments is as follows. </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="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 367px; width: 100%;" width="100%">

<tr style="height: 17px;">
<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;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">03/31/2025</font></p>

















</td>












</tr>
<tr style="height: 0px;">
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Profit or loss</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Ipiranga</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Ultragaz</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Ultracargo</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Others <sup>(1) (2)</sup></font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Subtotal </font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Segments</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Eliminations</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;"></tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 30%;" valign="bottom">
<p style="margin: 0pt;"><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; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">30,234,384</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,863,393</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">270,631</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,056</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">33,370,464</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(41,202)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">33,329,262</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;">Transactions with third 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">30,234,356</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,863,102</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">231,649</font></p>

















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

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">33,329,262</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">33,329,262</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;">Intersegment transactions</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">28</font></p>

















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

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">38,982</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,901</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">41,202</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(41,202)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;"><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; 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;">(28,805,594)</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;">(2,327,868)</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;">(103,456)</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;">&#8208;</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;">(31,236,918)</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;">49,287</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;">(31,187,631)</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;">Gross profit</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; font-weight: bold;">1,428,790</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; font-weight: bold;">535,525</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; font-weight: bold;">167,175</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; font-weight: bold;">2,056</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; font-weight: bold;">2,133,546</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; font-weight: bold;">8,085</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; font-weight: bold;">2,141,631</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;">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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(451,816)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(149,264)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,239)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(603,319)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,754</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(601,565)</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;">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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(309,999)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(98,547)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(39,746)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(61,711)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(510,003)</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;">(8,359)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(518,362)</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;">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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,452</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;">(228)</font></p>

















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

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,307</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">5,307</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;">Other operating income (expenses), net</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;">(104,824)</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;">15,560</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;">2,378</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;">383</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;">(86,503)</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;">&#8208;</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;">(86,503)</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;">Operating income (loss)</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; font-weight: bold;">567,603</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; font-weight: bold;">303,046</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; font-weight: bold;">127,619</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; font-weight: bold;">(59,240)</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; font-weight: bold;">939,028</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; font-weight: bold;">1,480</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; font-weight: bold;">940,508</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;">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;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,000)</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;">158</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,388</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(148,629)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(149,083)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(149,083)</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;">Amortization of fair value adjustments on associates acquisition</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; 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; 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;">(403)</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; 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;">(403)</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; 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;">(403)</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 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;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,000)</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;">158</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">985</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(148,629)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(149,486)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(149,486)</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;">Income (loss) before financial result and income and social contribution taxes</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; font-weight: bold;">565,603</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; font-weight: bold;">303,204</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; font-weight: bold;">128,604</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; font-weight: bold;">(207,869)</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; font-weight: bold;">789,542</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; font-weight: bold;">1,480</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; font-weight: bold;">791,022</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;">Depreciation and amortization (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;">(107,228)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (81,813)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (29,299)</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;&nbsp;&nbsp; (4,834)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(223,174)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;&nbsp;&nbsp;&nbsp;&nbsp; 1,476 </font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(221,698)</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;">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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(105,488)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;&nbsp;&nbsp;&nbsp;&nbsp; (1)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;"> &#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;">(105,489)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(105,489)</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;">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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;&nbsp; (53,450)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (16,369)</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;&nbsp;&nbsp; (7,818)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(750)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;&nbsp; (78,387)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;&nbsp; (78,387)</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;">Amortization of fair value adjustments on associates acquisition</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; 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; 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;">(403)</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; 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;">&nbsp; (403)</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; 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;">&nbsp; (403)</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;">Total depreciation and amortization</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(266,166)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;"> (98,183)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;"> (37,520)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;&nbsp;&nbsp; (5,584)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(407,453)</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; font-weight: bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,476 </font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(405,977)</font></p>

















</td>












</tr>






























</table>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 6.67pt; vertical-align: super;">&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><sup>(a) </sup>The amount is net of PIS and COFINS on depreciation in the amount of R$ 3,986.</font></p>





</div>




</div>




</div>
<div>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><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'>51</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: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>







</tr>





















</table>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 6.67pt; vertical-align: super;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 302px; width: 100%;" width="100%">

<tr style="height: 17px;">
<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;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold;">03/31/2024</font></p>

















</td>












</tr>
<tr style="height: 0px;">
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Profit or loss</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Ipiranga</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Ultragaz</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Ultracargo</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Others<sup> (1)(2)</sup></font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Subtotal </font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Segments</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">Eliminations</font></p>

















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;"></tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 30%;" valign="bottom">
<p style="margin: 0pt;"><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; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">27,693,282</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,499,903</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">263,225</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,555</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">30,457,965</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(62,063)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-bottom-color: #000000 !important; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">30,395,902</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;">Transactions with third 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">27,693,226</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;">2,499,705</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;">202,542</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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;">30,395,902</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">30,395,902</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;">Intersegment transactions</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">56</font></p>

















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

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60,683</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,126</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">62,063</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(62,063)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;"><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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(26,312,921)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,985,309)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(92,138)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(28,390,368)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">55,678</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(28,334,690)</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;"><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: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">1,380,361</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">514,594</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">171,087</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">1,555</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">2,067,597</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">(6,385)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">2,061,212</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;">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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 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;">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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(434,356)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(131,081)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,552)</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;">(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;">(569,000)</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; 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;">(569,000)</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;"><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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(273,652)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(80,391)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(42,206)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(52,412)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(448,661)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,861</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(440,800)</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;"><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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36,453</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">311</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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)</font></p>

















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

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36,808</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;">&#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;">36,808</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;">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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(165,130)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,296</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,690</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">21,357</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(137,787)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">(137,787)</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;">Operating income (loss)</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; vertical-align: bottom; border-top-color: #000000 !important; 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;">543,676</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; vertical-align: bottom; border-top-color: #000000 !important; 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;">307,729</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; vertical-align: bottom; border-top-color: #000000 !important; 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;">127,016</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; vertical-align: bottom; border-top-color: #000000 !important; 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;">(29,464)</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; vertical-align: bottom; border-top-color: #000000 !important; 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;">948,957</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; vertical-align: bottom; border-top-color: #000000 !important; 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;">1,476</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; vertical-align: bottom; border-top-color: #000000 !important; 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;">950,433</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;">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;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,080)</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;">(3)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,460</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,461)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,084)</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;">&#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;">(3,084)</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;"><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: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">541,596</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">307,726</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">128,476</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">(31,925)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">945,873</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">1,476</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; vertical-align: bottom; border-top-color: #000000 !important; 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;">947,349</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;">Depreciation and amortization (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;">&nbsp;&nbsp; (97,972)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (76,741)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (29,417)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;&nbsp;&nbsp; (3,965)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(208,095)</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;&nbsp;&nbsp;&nbsp;&nbsp; 1,477 </font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(206,618)</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;">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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(132,318)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(340)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;"> &#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;">(132,658)</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;"> &#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;">(132,658)</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;">Amortization of right-of-use assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">&nbsp;&nbsp; (47,256)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;"> (15,875)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">&nbsp;&nbsp;&nbsp; (7,324)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">(616)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">&nbsp;&nbsp; (71,071)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; 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;">&nbsp;&nbsp; (71,071)</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;">Total 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(277,546)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;"> (92,956)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;"> (36,741)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;&nbsp;&nbsp; (4,581)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(411,824)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;&nbsp;&nbsp;&nbsp;&nbsp; 1,477 </font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">(410,347)</font></p>

















</td>












</tr>






























</table>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 6.67pt; vertical-align: super;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 6pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-size: 8pt;"><sup>(a) </sup>The amount is net of PIS and COFINS on depreciation in the amount of R$ 2,086.</font></font><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-size: 8pt;"><sup><font style="vertical-align: super;">(1) </font></sup>Includes in the line &#8220;General and administrative and Revenue from sale of goods&#8221; the amount of R$ 47,889 in 2025 (R$ 40,624 in 2024) of expenses related to Ultrapar's holding structure.</font></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="font-size: 8pt;"><sup><font style="vertical-align: super;">(2) </font></sup>The &#8220;Others&#8221; column refers to the parent Ultrapar and subsidiaries Imaven, Ultrapar International, UVC Investimentos and share of profit (loss) of joint ventures RPR and subsidiary Hidrovias.</font></font></p>




</div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 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'>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;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>







</tr>





















</table>
<p style="margin: 0pt;"><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; font-style: italic; font-weight: bold;">c. Assets by segment</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: Aptos; 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%; height: 129px;" width="100%">

<tr style="height: 17px;">
<td colspan="7" 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;">03/31/2025</font></p>

















</td>












</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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-weight: bold;">Assets</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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-weight: bold;">Ipiranga</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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-weight: bold;">Ultragaz</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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-weight: bold;">Ultracargo</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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;">Others </font><sup><font style="font-weight: bold; vertical-align: super;">(3)</font></sup></font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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-weight: bold;">Subtotal </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;">Segments</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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-weight: bold;">Total</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: 40%; 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;">Investments</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">140,610</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">5,065</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">217,120</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">1,661,730</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">2,024,525</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">2,024,525</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;">Property, plant and equipment</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;">3,301,521</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;">1,574,885</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;">2,295,507</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;">79,105</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;">7,251,018</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;">7,251,018</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;">Intangible assets</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;">1,191,121</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;">327,331</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;">282,864</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;">272,461</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;">2,073,777</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;">2,073,777</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;">Right-of-use assets</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;">883,976</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;">146,971</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;">605,960</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;">6,851</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;">1,643,758</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;">1,643,758</font></p>

















</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<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; 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;">Other current and non-current assets</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18,680,557</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,561,053</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">439,829</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,080,080</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24,761,519</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24,761,519</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 assets (excluding intersegment transactions)</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">24,197,785</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">4,615,305</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">3,841,280</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">5,100,227</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">37,754,597</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">37,754,597</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: Aptos; 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: 1pt;">
<td colspan="7" 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;">12/31/2024</font></p>

















</td>












</tr>
<tr style="height: 1pt;">
<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; 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;">Assets</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; 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;">Ipiranga</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; 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;">Ultragaz</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; 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;">Ultracargo</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; 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;">Others </font><sup><font style="font-weight: bold; vertical-align: super;">(3)</font></sup></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; 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;">Subtotal </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;">Segments</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; 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: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 40%; 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;">Investments</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;">146,450</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;">1,042</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;">216,134</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;">1,785,007</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;">2,148,633</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;">2,148,633</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;">Property, plant and equipment</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;">3,282,469</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;">1,566,376</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;">2,157,663</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;">129,458</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;">7,135,966</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;">7,135,966</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;">Intangible assets</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;">1,017,405</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;">333,652</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;">283,598</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;">273,675</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;">1,908,330</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;">1,908,330</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;">Right-of-use assets</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;">911,783</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;">152,024</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;">599,853</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;">7,664</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;">1,671,324</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;">1,671,324</font></p>

















</td>












</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">Other current and non-current assets</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,944,583</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,156,708</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">393,368</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,199,162</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">26,693,821</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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">26,693,821</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;">Total assets (excluding intersegment transactions)</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><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: middle; 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;">4,209,802</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><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: middle; 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;">5,394,966</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; page-break-after: avoid; page-break-inside: avoid; 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; vertical-align: middle; 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;">39,558,074</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: Aptos; font-size: 10pt;">&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-size: 8pt; font-family: 'times new roman', times;"><sup><font style="vertical-align: super;">(3) </font></sup>The &#8220;Others&#8221; column refers to the parent Ultrapar and subsidiaries Imaven, Ultrapar International, UVC Investimentos and share of profit (loss) of joint venture RPR.</font></p>




</div>
<p style="margin: 0pt; text-align: right;"><br></p>
















</div>















</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin:0pt"><br></p>
<div>
<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_22_142025172014765" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">26. Financial instruments (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;">&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;">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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="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; </font><font style="line-height: inherit;">Level 1 &#8211; prices negotiated (without adjustment) in active markets for identical assets or </font><font style="line-height: inherit;">liabilities;</font></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18pt; 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 0pt 36pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">(b)</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; </font><font style="line-height: inherit;">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></font></p>
<p style="margin: 0pt 0pt 0pt 36pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18pt; 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 0pt 36pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">(c)</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; </font><font style="line-height: inherit;">Level 3 - inputs for assets or liabilities that are not based on observable market variables (unobservable inputs).</font></font></p>
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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













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<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>













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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&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;">Level</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;">Carrying value</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;">Carrying value</font></p>


























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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&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;">Fair value</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;">March 31, 2025</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;">Note</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; 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>


























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


























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<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>


























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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;">Total</font></p>


























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


























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


























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


























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


























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


























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


























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


























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


























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


























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


























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


























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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash and cash equivalents</font></p>


























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;">&nbsp;</font></p>


























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


























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


























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


























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


























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


























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


























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


























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<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>


























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.a</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></p>


























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</font></p>


























</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">274,293</font></p>


























</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">274,293</font></p>


























</td>
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<p style="margin: 0pt; text-align: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">274,293</font></p>


























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<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Securities and funds in local currency</font></p>


























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<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; vertical-align: middle; height: 17px;">
<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; vertical-align: middle; height: 17px;">
<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; vertical-align: middle; height: 17px;">
<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; 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: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,048,012</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;">1,048,012</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;">&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;">1,048,012</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;">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;">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;">-</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;">&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;">&#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;">&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;">113,783</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;">113,783</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;">&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;">113,783</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;">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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">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;">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;">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;">&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;">1,077,382</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;">&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;">&#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;">1,077,382</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;">&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;">1,077,382</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;">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;">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;">-</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;">&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;">&#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;">&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;">2,674,591</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;">2,674,591</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;">&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;">2,674,591</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;">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;">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;">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;">&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;">805,713</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;">&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;">&#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;">805,713</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;">&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;">805,713</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;">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;">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;">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;">&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;">731,515</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;">&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;">&#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;">731,515</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;">&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;">731,515</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;">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;">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;">-</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;">&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;">&#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;">&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;">3,910,541</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;">3,910,541</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;">&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;">3,910,541</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;">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;">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;">-</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;">&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;">&#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;">&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;">1,368,578</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;">1,368,578</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;">&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;">1,368,578</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;">Related parties</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;">8</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;">-</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;">&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;">-</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;">&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;">52,159</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;">52,159</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;">&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;">52,159</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;">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;">-</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;">-</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;">&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;">&#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;">&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;">381,638</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;">381,638</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;">&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;">381,638</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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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-size: 10pt; font-weight: bold;">Total</font></p>


























</td>
<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: 10pt;">&nbsp;</font></p>


























</td>
<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: 10pt;">&nbsp;</font></p>


























</td>
<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: 10pt;">&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-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: 'times new roman', times; font-size: 10pt;">2,614,610</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: 10pt;">&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-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: 'times new roman', times; font-size: 10pt;">9,823,595</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-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: 'times new roman', times; font-size: 10pt;">12,438,205</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: 10pt;">&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-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: 'times new roman', times; font-size: 10pt;">12,438,205</font></p>


























</td>


























</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; 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: middle; height: 18px; 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: middle; height: 18px; 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: middle; height: 18px; 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: middle; height: 18px; 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; height: 18px; 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; height: 18px; 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; height: 18px; 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; height: 18px; 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; height: 18px; 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: 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;">Financial liabilities:</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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">&nbsp;</font></p>


























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financing</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;">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;">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;">&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;">1,390,758</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;">&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;">6,495,237</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;">7,885,995</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;">&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;">7,788,196</font></p>


























</td>


























</tr>
<tr style="height: 17px;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Debentures</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;">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;">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;">&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;">3,960,690</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;">&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;">1,289,851</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;">5,250,541</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;">&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;">5,262,081</font></p>


























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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;">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;">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;">&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;">419,391</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;">&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;">&#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;">419,391</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;">&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;">419,391</font></p>


























</td>


























</tr>
<tr style="height: 17px;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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;">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;">&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;">431,636</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;">&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;">&#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;">431,636</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;">&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;">431,636</font></p>


























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade 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;">16.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;">-</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;">&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;">&#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;">&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;">2,366,664</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;">2,366,664</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;">&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;">2,366,664</font></p>


























</td>


























</tr>
<tr style="height: 17px;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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;">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;">-</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;">&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;">&#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;">&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;">1,167,001</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;">1,167,001</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;">&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;">1,167,001</font></p>


























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Subscription warrants &#8211; indemnification</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;">19</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;">Level 1</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;">&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;">50,286</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;">&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;">&#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;">50,286</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;">&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;">50,286</font></p>


























</td>


























</tr>
<tr style="height: 17px;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><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; vertical-align: middle; height: 17px;">
<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; vertical-align: middle; height: 17px;">
<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; vertical-align: middle; height: 17px;">
<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; vertical-align: middle; height: 17px;">
<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; 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: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">151,078</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;">151,078</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;">&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;">151,078</font></p>


























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contingent consideration</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;">-</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;">-</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;">&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;">-</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;">&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;">41,179</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;">41,179</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;">&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;">41,179</font></p>


























</td>


























</tr>
<tr style="height: 17px;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px;">
<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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8</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;">-</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;">&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;">-</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;">&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;">3,516</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;">3,516</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;">&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;">3,516</font></p>


























</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 16px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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;">-</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;">-</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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">&#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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">150,369</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">150,369</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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">150,369</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; font-weight: bold;">Total</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;">&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;">&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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">6,252,761</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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">11,664,895</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">17,917,656</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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">17,831,397</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'>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>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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;" 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;">&nbsp;</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;">&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; font-weight: bold;">Level</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;">&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;">Carrying value</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; font-weight: bold;">Carrying value</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;">&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; font-weight: bold;">Fair value</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">December 31, 2024</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;">Note</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-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;">&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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Measured at fair value through profit or loss</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<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; 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: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Measured at amortized cost</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Total</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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&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: 37%;">
<p style="margin: 0pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial assets:</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: center;"><font 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; width: 10%;">
<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; 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;">&nbsp;</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;">&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: 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; width: 10%;">
<p style="margin: 0pt; text-align: 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; width: 10%;">
<p style="margin: 0pt; text-align: 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; width: 1%;">
<p style="margin: 0pt; text-align: 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; width: 10%;">
<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: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; 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; vertical-align: middle;">
<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; vertical-align: middle;">
<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; vertical-align: middle;">
<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; 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;">&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;">&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;">&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;">&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;">&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: 0.75pt;"><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: middle; background-color: #cceeff;">
<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; vertical-align: middle; background-color: #cceeff;">
<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; vertical-align: middle; background-color: #cceeff;">
<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; vertical-align: middle; 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: 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">405,840</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;">405,840</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">405,840</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: 0.75pt;"><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: 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; vertical-align: middle;">
<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; vertical-align: middle;">
<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; 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;">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;">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;">1,286,152</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 0pt 0pt 10pt; 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; background-color: #cceeff;">
<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; vertical-align: middle; background-color: #cceeff;">
<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; vertical-align: middle; background-color: #cceeff;">
<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; vertical-align: middle; 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: 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;">
<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; background-color: #cceeff;">
<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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">379,601</font></p>


























</td>


























</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 0.4pt;"><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: middle;">
<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; vertical-align: middle;">
<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; vertical-align: middle;">
<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; 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;">&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;">&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;">&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;">&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;">&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: 0.75pt;"><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; background-color: #cceeff;">
<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; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Level 2</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;">&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;">2,271,979</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;">
<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; background-color: #cceeff;">
<p style="margin: 0pt; 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: 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,271,979</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: 0.75pt;"><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: 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; vertical-align: middle;">
<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; vertical-align: middle;">
<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; 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;">2,854,126</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;">2,854,126</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;">2,854,126</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: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Derivative instruments</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;">4.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;">Level 2</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;">&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;">833,986</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;">
<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; background-color: #cceeff;">
<p style="margin: 0pt; 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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">833,986</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;">Energy trading futures contracts</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;">26.h</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;">Level 2</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;">&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;">404,695</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;">404,695</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;">404,695</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;">Trade receivables</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;">5.a</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;">-</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;">&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;">&#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;">&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;">3,913,004</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;">3,913,004</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,913,004</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;">Reseller financing</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;">5.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;">-</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;">&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;">1,404,883</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;">1,404,883</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;">1,404,883</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;">Related parties</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;">8</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;">-</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;">&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;">-</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;">
<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; vertical-align: middle; background-color: #cceeff;">
<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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48,309</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;">Other receivables and other assets</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;">-</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;">-</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;">&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: 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; 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;">386,853</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: 'times new roman', times; font-size: 10pt;">386,853</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; 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;">386,853</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; font-weight: bold;">Total</font></p>


























</td>
<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;">&nbsp;</font></p>


























</td>
<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;">&nbsp;</font></p>


























</td>
<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;">&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;">3,510,660</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;">10,678,768</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;">14,189,428</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;">14,189,428</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;">&nbsp;</font></p>


























</td>
<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;">&nbsp;</font></p>


























</td>
<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;">&nbsp;</font></p>


























</td>
<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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial liabilities:</font></p>


























</td>
<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;">&nbsp;</font></p>


























</td>
<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;">&nbsp;</font></p>


























</td>
<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;">&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;">&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;">&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;">&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;">&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;">&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;">&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;">Financing</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;">15.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;">Level 2</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;">&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;">2,085,149</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;">7,004,027</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;">9,089,176</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;">&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;">8,871,550</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;">Debentures</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;">15.a</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;">Level 2</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;">&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;">3,468,647</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,302,687</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;">4,771,334</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,728,701</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;">Derivative instruments</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;">15.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;">Level 2</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;">&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;">441,600</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;">441,600</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;">441,600</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;">Energy trading futures contracts</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;">26.h</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;">Level 2</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;">&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;">114,776</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;">
<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; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">114,776</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">114,776</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;">Trade payables</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;">16.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;">-</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;">&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;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&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;">&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;">3,518,385</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;">3,518,385</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;">3,518,385</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;">Trade payables - reverse factoring</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;">16.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;">-</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;">&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;">&#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;">&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;">1,014,504</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;">1,014,504</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,014,504</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;">Subscription warrants &#8211; indemnification</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;">19</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;">Level 1</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;">&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;">47,745</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;">47,745</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;">47,745</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;">Financial liabilities of customers</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;">-</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;">-</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;">&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;">&#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;">&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;">180,225</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;">180,225</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">180,225</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;">Contingent consideration</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;">28.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;">Level 3</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;">&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;">42,186</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;">52,988</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;">95,174</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;">&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;">95,174</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;">Related parties</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;">8</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;">-</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;">&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;">-</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;">
<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; vertical-align: middle; background-color: #cceeff;">
<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; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,516</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;">Other payables</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;">-</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;">-</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;">&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: 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; 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;">171,520</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: 'times new roman', times; font-size: 10pt;">171,520</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; 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;">171,520</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; font-weight: bold;">Total</font></p>


























</td>
<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;">&nbsp;</font></p>


























</td>
<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;">&nbsp;</font></p>


























</td>
<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;">&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;">6,200,103</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;">13,247,852</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;">19,447,955</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;">19,187,696</font></p>


























</td>


























</tr>





















































</table>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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'>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>
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></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; 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 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; 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; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">Energy trading futures contracts: The fair value considers: (</font><font style="line-height: inherit;">i</font><font style="line-height: inherit;">) the prices established in recent purchases and sales; (ii) supply risk margin; and&nbsp;</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(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&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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; 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;">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; line-height: inherit; font-size: 10pt;"><font style="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 </font><font style="line-height: inherit;">Directors</font><font style="line-height: inherit;"> the exposure to the risks and any cases of non-compliance with the Policy.</font></font></p>
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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













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<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></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; 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; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</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: 8pt; font-weight: bold;">Risks</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: 8pt; font-weight: bold;">Exposure origin</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: 8pt; font-weight: bold;">Management</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;">Market risk - exchange rate</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: 10pt;">&nbsp;</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;">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>


























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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;">&nbsp;</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;">Seek exchange rate neutrality, using hedging instruments if applicable.</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;">Market risk - interest 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;">&nbsp;</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;">Possibility of losses resulting from the contracting of fixed-rate financial assets or liabilities.</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;">&nbsp;</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;">Maintain most of the net financial exposure indexed to floating rates, linked to the basic interest 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;">Market risk - commodity prices</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;">&nbsp;</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;">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>


























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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;">&nbsp;</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;">Hedging instruments, if applicable. </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;">Credit risk </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;">&nbsp;</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;">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>


























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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;">&nbsp;</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;">Diversification and monitoring of counterparty&#8217;s solvency and liquidity indicators.</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;">Liquidity risk</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;">&nbsp;</font></p>


























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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 47px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #d0cece;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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; height: 47px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #d0cece;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 47px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #d0cece;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For cash management: financial investments liquidity. </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;">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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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-size: 10pt; font-weight: bold; text-align: justify;">&nbsp;</font></p>














</div>
<div>
<p style="margin: 0pt 0pt 12pt; 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. Market risk - exchange and interest rates</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;">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; 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 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; 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 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>
<p style="margin: 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'>57</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;"><font style="font-size: 10pt; font-weight: bold; text-align: justify;"><br></font></p>














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<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













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<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>













</tr>

































</table>
<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;"><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;">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;">&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: 8pt;">&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: 8pt;">&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: 8pt;">&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; 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;">Exchange 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; 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: bottom;">
<p style="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: 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;">Interest rate</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;">&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: 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: bottom;">
<p style="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;">Currency</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; 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;">03/31/2025</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; 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: 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; 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;">
<p style="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;">
<p style="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;">Index</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; 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;">03/31/2025</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; 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; 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: 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: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27%; 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; text-decoration: underline;">Assets</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; 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; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; 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; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; 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;"><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%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; 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;"><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%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; 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; width: 10%; 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;"><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%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; 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;"><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; 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;">Cash, cash equivalents, and financial investments</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;">4.a</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;">USD</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;">2,810,362</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: 10pt;">&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;">3,428,520</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;">&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;">DI</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;">2,125,394</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;">&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;">3,558,131</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;">Trade receivables, net of allowance for expected credit losses and inventories</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;">5.a</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;">USD</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;">46,924</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;">27,393</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;">&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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</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;">&#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;">&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;">&#8208;</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;">Trade receivables - sale of subsidiaries</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;">5.c</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;">BRL/ USD</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;">&#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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;">93,821</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;">&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;">DI</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;">&#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;">&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;">&#8208;</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;">Other assets in foreign currency</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;">-</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;">USD</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,296</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">21,028</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;">&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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></p>


























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


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; 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;">
<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;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; 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;">2,868,582</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: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; 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;">3,570,762</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;">&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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; 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;">2,125,394</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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; 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;">3,558,131</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;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; 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;"><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; vertical-align: bottom;" valign="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;">Liabilities</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: 10pt; font-weight: bold;">&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;"><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;" valign="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;" valign="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;" valign="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;" valign="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;" valign="bottom">
<p style="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; vertical-align: bottom;" valign="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;" valign="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;" valign="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; 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;">Loans, financing and debentures <font style="vertical-align: super; font-size: 8pt;">(1)</font></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;">15.a</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;">USD/ EUR/ JPY</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;">(5,984,519)</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;">(6,681,657)</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;">&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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DI</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;">(3,272,426)</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;">&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;">(3,515,010)</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;">Loans &#8211; FINEP</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;">15.a</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;">&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;">&#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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;">&#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;">&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;">TJLP</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;">(526)</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;">&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;">(679)</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;">Payables arising from imports</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;">16.a</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;">USD</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;">(462,822)</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;">(936,140)</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;">&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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">-</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;">&#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;">&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;">&#8208;</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;">Other liabilities in foreign currency</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;">-</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;">USD</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,619)</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: 10pt;">&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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(41,298)</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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8208;</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; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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; 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; 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;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;"><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; vertical-align: bottom;" valign="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;" valign="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;" valign="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; border-bottom-width: 2.8pt; border-bottom-style: double; 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;">(6,458,960)</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: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; 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;">(7,659,095)</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;">&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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; 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;">(3,272,952)</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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 2.8pt; border-bottom-style: double; 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;">(3,515,689)</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;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 2.8pt; border-top-style: double; 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;"><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; 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;">Derivative instruments</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;">26.f</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;">USD / EUR / JPY</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,145,069</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: 10pt;">&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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,470,855</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;">&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;">DI</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,239,307)</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;">&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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,380,131)</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;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;"><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; 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; vertical-align: bottom;" valign="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;" valign="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; 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;">(445,309)</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: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(617,478)</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;">&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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(7,386,865)</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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(6,337,689)</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;">Net liability position - effect on equity</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; 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; 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;">&nbsp;</font></p>


























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


























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


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; 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;">
<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;">Net liability position - effect on profit or loss</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: 10pt;">&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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(445,309)</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: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(617,478)</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;">&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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(7,386,865)</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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">(6,337,689)</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; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="vertical-align: super; font-size: 8pt;">(1)</font><font style="font-size: 8pt;"> Gross transaction costs of R$ 7,246 (R$ 7,807 as of December 31, 2024) and discount on notes in the foreign market of R$ 4,530 (R$ 5,246 as of December 31, 2024).</font></font></p>
<p style="margin: 0pt;"><br></p>












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</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'>58</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>












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<p style="margin:0pt"><br></p>













</div>
<div>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>













</tr>

































</table>
<div>
<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;"><br></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;">Sensitivity analysis with devaluation of the Real and interest rate increase</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;">&nbsp;</font></p>
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 35px;">
<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: 35px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="font-weight: bold;">Exchange rate - Real devaluation </font><font style="font-weight: bold; vertical-align: super;">(</font><font style="font-weight: bold; vertical-align: super;">i</font><font style="font-weight: bold; vertical-align: super;">)</font></font></p>


























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<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; 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: 35px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="font-weight: bold;">Interest rate increase </font><font style="font-weight: bold; vertical-align: super;">(ii)</font></font></p>


























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 75%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effect on profit or loss</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(16,511)</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; text-align: 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; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(37,135)</font></p>


























</td>




















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<p style="margin: 0pt;"><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: 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: 10pt;">(16,511)</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: 10pt;">&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: 10pt;">(37,135)</font></p>


























</td>




















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</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&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 style="font-size: 8pt;"><sup>(i) </sup></font>The average U.S. dollar rate of R$ 5.9521 was used for the sensitivity analysis, based on future market curves as of March 31, 2025 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$ 5.7422. The table above shows the effects of the exchange rate changes on the net liability position of R$ 445,309 (or US$ 77,550 using the closing rate) in foreign currency as of March 31, 2025.</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="line-height: inherit;"><sup><font style="font-size: 8pt;">(ii)</font>&nbsp;</sup></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 12.52% and the sensitivity rate was 14.73% according to reference rates made available by B3.</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;">b. Market risk - commodity prices</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 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; 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-size: 10pt; font-family: 'times new roman', times;"><font style="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 </font><font style="line-height: inherit;">product</font><font style="line-height: inherit;">.</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;">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;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 37px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 27.84%; 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;">Derivative</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 2.02%; 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>


























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<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; 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;">Fair value (R$ thousand)</font></p>


























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 2.02%; 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>


























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<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; 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;">Possible scenario (&#8710; of 10% - R$ thousand)</font></p>


























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 27.84%; height: 10px; 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: 2.02%; height: 10px;">
<p style="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: 15.44%; height: 10px; 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;">03/31/2025</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 2.02%; height: 10px; 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: 15.44%; height: 10px; 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: 2.02%; height: 10px;">
<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: 16.9%; height: 10px; 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;">03/31/2025</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 2.02%; height: 10px; 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: 16.28%; height: 10px; 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>


























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<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 27.84%; 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;">Commodity forward</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 2.02%; 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: 15.44%; 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;">(14,542)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 2.02%; 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: 15.44%; 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;">(7,707)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 2.02%; 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: 16.9%; 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;">(87,620)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 2.02%; 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: 16.28%; 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;">(12,430)</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;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="vertical-align: super;">(1)</font> The table above shows the positions of derivative financial instruments to hedge commodity price risk as of March 31, 2025 and December 31, 2024, 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; text-align: justify;"><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'>59</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: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













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<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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; 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-weight: bold; line-height: inherit;">c. Credit risk</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;">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; 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;">c.1 Financial institutions and government</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;">The credit risk of financial institutions and governments related to cash and cash equivalents, financial investments and derivative financial instruments as of March 31, 2025, 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;">&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: 10pt;">&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: 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: 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;">Fair value</font></p>


























</td>


























</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 78%;">
<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;">Counterparty credit rating</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">03/31/2025</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; 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: 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: 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: 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;">AAA</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;">&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;">5,447,823</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;">&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;">7,557,385</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;">AA</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;">&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;">498,498</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;">&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;">305,686</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;">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: 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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,000</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;">&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;">3,668</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;">Others</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;">&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;">44,453</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;">&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;">164,945</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;">Total</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;">&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;">5,993,774</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;">&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;">8,031,684</font></p>


























</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; line-height: 1.2;"><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; 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;">Credit granting is managed in subsidiaries based on policies and criteria specific to each business segment. The process includes credit analysis, the establishment of limits and required guarantees, with approval at predefined approval levels.</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 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; 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;">For further information on the allowance for expected credit losses, see Note 5.b.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br></p>












</div>











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

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><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;">
<div>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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; font-style: italic; font-weight: bold; line-height: inherit;">d. Liquidity risk</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; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">Liquidity risk is the possibility of the Company facing difficulties </font><font style="line-height: inherit;">to</font> <font style="line-height: inherit;">comply</font><font style="line-height: inherit;"> with its financial obligations, which must be settled with payments or other financial assets. </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;">The main sources of liquidity of the Company and its subsidiaries arise from:</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 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">(i)&nbsp; &nbsp; &nbsp;</font><font style="line-height: inherit;">cash and financial </font><font style="line-height: inherit;">investments;</font> </font></p>
<p style="margin: 0pt 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">(ii)</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;</font><font style="line-height: inherit;">cash flow generated by its operations; and </font></font></p>
<p style="margin: 0pt 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">(iii)</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;</font><font style="line-height: inherit;">loans. </font></font></p>


























</div>
<div>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">The Company and its subsidiaries have sufficient working capital and sources of financing to meet their current needs. As of March 31, 2025, the Company and its subsidiaries had R$ 2,737,418 in cash, cash equivalents, and short-term financial investments (for quantitative information, see Note</font><font style="line-height: inherit;">&nbsp;</font><font style="line-height: inherit;">4).</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;"><font style="line-height: inherit;">The table below presents a summary of financial liabilities and leases payable as of March 31, </font><font style="line-height: inherit;">2025</font><font style="line-height: inherit;"> 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></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: 132px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 40.2%; height: 10px;">
<p style="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; width: 11.98%; height: 10px; 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-weight: bold; line-height: inherit;">Less than 1 year</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 11.96%; height: 10px; 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-weight: bold; line-height: inherit;">Between 1 and 3 years</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 11.96%; height: 10px; 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-weight: bold; line-height: inherit;">Between 3 and 5 years</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 11.96%; height: 10px; 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-weight: bold; line-height: inherit;">More than 5 years</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 11.94%; height: 10px; 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-weight: bold; line-height: inherit;">Total</font></p>


























</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 40.2%; 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;"><font style="line-height: inherit;">Loans including future contractual interest </font><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: middle; width: 11.98%; 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;">3,834,093</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">7,572,536</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">3,842,710</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">1,618,389</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.94%; 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;">16,867,728</font></p>


























</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 40.2%; 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 style="line-height: inherit;">Derivative instruments </font><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: middle; width: 11.98%; 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;">271,673</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">617,544</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">55,308</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.94%; 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;">944,525</font></p>


























</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 40.2%; 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; line-height: inherit;">Trade payables</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.98%; 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; line-height: inherit;">2,366,664</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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; line-height: inherit;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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; line-height: inherit;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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; line-height: inherit;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.94%; 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; line-height: inherit;">2,366,664</font></p>


























</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 40.2%; 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;">Trade payables - reverse factoring</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.98%; 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;">1,167,001</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.94%; 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;">1,167,001</font></p>


























</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 40.2%; 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; line-height: inherit;">Leases payable</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.98%; 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; line-height: inherit;">420,485</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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; line-height: inherit;">522,906</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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; line-height: inherit;">342,265</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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; line-height: inherit;">906,327</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.94%; 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; line-height: inherit;">2,191,983</font></p>


























</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 40.2%; 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;">Financial liabilities of customers</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.98%; 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;">30,549</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">134,647</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; 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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.94%; 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;">165,196</font></p>


























</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 40.2%; 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; line-height: inherit;">Other payables</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.98%; height: 17px; 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;">141,419</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; height: 17px; 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;">14,794</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; height: 17px; 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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.96%; height: 17px; 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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 11.94%; height: 17px; 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;">156,213</font></p>


























</td>



















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 40.2%; 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 style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.98%; 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; line-height: inherit;">8,231,884</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.96%; 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; line-height: inherit;">8,862,427</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.96%; 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; line-height: inherit;">4,240,283</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.96%; 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; line-height: inherit;">2,524,716</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.94%; 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: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,859,310</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; 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;">(1)</font><font style="font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;"> 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 March 31, 2025</font><font style="line-height: inherit;">.</font></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(2)</font><font style="line-height: inherit;"> Includes estimated interest </font><font style="line-height: inherit;">on</font><font style="line-height: inherit;"> short-term and long-term loans until the contractually foreseen payment date.</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: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(3)</font><font style="line-height: inherit;"> 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 March 31, 2025. In the table above, only the derivative instruments with negative results at the time of settlement were considered.</font></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>









</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'>61</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>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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; 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;">e. Capital management</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;">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; 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;">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; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><br></p>














</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;">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; 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;">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;"><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 leverage ratio at the end of the period/year 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;">&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;"><font 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: 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: 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;">Consolidated</font></p>


























</td>


















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 78%;">
<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: middle; width: 1%;">
<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; vertical-align: middle; 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: 8pt; font-weight: bold;">03/31/2025</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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: 8pt; font-weight: bold;">12/31/2024</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;">Gross debt (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;">&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;">15,038,157</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,787,262</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;">Cash, cash equivalents, and short-term investments (b)</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; 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;">5,993,774</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; 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;">8,031,684</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; font-weight: bold;">Net debt = (a) - (b)</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;">&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: 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;">9,044,383</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;">&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: 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;">7,755,578</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;">Equity</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; 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;">15,890,406</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; 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;">15,823,444</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; font-weight: bold;">Net debt-to-equity ratio</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;">&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; 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; font-weight: bold;">56.92%</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;">&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; 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; font-weight: bold;">49.01%</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;">&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. Selection and use of derivative financial instruments</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;">&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 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; 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;">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; 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>











</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'>62</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"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













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<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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;"><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 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>
<p style="margin: 0pt;"><br></p>














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<table cellspacing="0" cellpadding="0" style="height: 358px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

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<td colspan="29" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 45.993%; 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; text-decoration: underline;">Derivatives designated as hedge accounting</font></p>













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<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; width: 27.2951%; height: 20px; 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;">Product</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 0.983607%; height: 20px;" valign="bottom">
<p style="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="4" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; width: 17.7143%; height: 20px; 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;">Contracted rates</font></p>


























</td>
<td colspan="4" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9.12183%; height: 20px; border-bottom-width: 1pX; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="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;">Maturity</font></p>













</td>
<td colspan="4" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.80557%; height: 20px; border-bottom-width: 1pX; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="font-weight: bold;">Notional amount </font><font style="font-weight: bold; vertical-align: super;">(2)</font></font></p>













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<td colspan="7" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.25757%; height: 20px; border-bottom-width: 1pX; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><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: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 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 03/31/2025</font></p>













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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 0.981997%; height: 20px;"><br></td>
<td colspan="7" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.71958%; height: 20px; border-bottom-width: 1pX; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<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;">Gains (losses) as of 03/31/2025</font></p>













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</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; width: 27.2951%; height: 10px; border-top-color: #000000 !important;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; width: 8.11475%; height: 10px; 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;">Assets</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; width: 0.983607%; height: 10px; border-top-color: #000000 !important;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; width: 8.11475%; height: 10px; 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;">Liabilities</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.60621%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.79971%; 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;">03/31/2025</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9203%; 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;">Assets</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.71849%; 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="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.34697%; 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;">Liabilities</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 0.983695%; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.72044%; 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;">Profit or loss</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.87191%; height: 10px;" 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; width: 27.2951%; 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-size: 10pt; font-family: 'times new roman', times;">Foreign exchange swap<font style="vertical-align: super; font-size: 8pt;"> (1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">USD + 5.44%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">106.0% of DI</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">Mar/26</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; width: 7.79971%; height: 10px; border-top-color: #000000 !important; 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;">USD 166,336</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; width: 11.9203%; height: 10px; border-top-color: #000000 !important; 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;"> 40,742</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; width: 1.71849%; height: 10px; border-top-color: #000000 !important; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; width: 8.34697%; height: 10px; border-top-color: #000000 !important; 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;"> (7,535)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; width: 7.72044%; height: 10px; border-top-color: #000000 !important; 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;"> (65,976)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; width: 7.87191%; height: 10px; border-top-color: #000000 !important; 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;">(15,904)</font></p>


























</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Foreign exchange swap <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">EUR + 5.02%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">107.2% of DI</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; 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;">EUR 139,608</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; 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;">&#8208;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; 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;">&#8208;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; 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;"> (31,009)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; 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;">(1,520)</font></p>


























</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; 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-size: 10pt; font-family: 'times new roman', times;">Foreign exchange swap <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">JPY + 1.50%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">109.4% of DI</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">-</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; 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;">JPY 12,564,393</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; 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;">&#8208;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; 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;">&#8208;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; 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;"> (30,283)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; 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;">323</font></p>


























</td>













</tr>
<tr style="height: 22px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Foreign exchange swap <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">SOFR + 0.93%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 22px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">103.3% of DI</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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: 10pt;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Feb/26</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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: 10pt;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD 104,535</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 476</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (27,971)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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: 10pt;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (26,678)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="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: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; 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-size: 10pt; font-family: 'times new roman', times;">Interest rate swap<font style="vertical-align: super; font-size: 8pt;"> (1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">IPCA + 5.13%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">104.5% of DI</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">Jun/32</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; 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;">BRL 2,660,000</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; 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;"> 316,659</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; 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;">&#8208;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; 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;"> 94,295</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; 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;">70,780</font></p>


























</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest rate swap <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">IPCA + 2.93%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">69.5% of DI</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">Nov/41</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; 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;">BRL 252,441</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; 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;">&#8208;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; 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;"> (5,905)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; 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;"> (2,765)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; 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;"> (24,102)</font></p>


























</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; 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-size: 10pt; font-family: 'times new roman', times;">Interest rate swap <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">11.17%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">104.3% of DI</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">Jul/27</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; 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;">BRL 525,791</font></p>


























</td>
<td colspan="2" style="width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; 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;">&#8208;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; 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;"> (40,891)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; 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;"> 10,913</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; 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;">-</font></p>


























</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Commodity forward <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">BRL</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">Heating Oil/ RBOB</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">Nov/25</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; 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;">USD 45,235</font></p>


























</td>
<td colspan="2" style="width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; 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;"> 2,670</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; 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;"> (21,128)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; 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;"> (14,753)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; 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;">&#8208;</font></p>


























</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; 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-size: 10pt; font-family: 'times new roman', times;">NDF <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">BRL</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">USD</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">Jun/25</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; 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;">USD 2,836</font></p>


























</td>
<td colspan="2" style="width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; width: 11.9203%; height: 10px; border-bottom-color: #000000 !important; 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;"> 1,553</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; width: 8.34697%; height: 10px; border-bottom-color: #000000 !important; 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;"> (940)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; width: 7.72044%; height: 10px; border-bottom-color: #000000 !important; 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;"> 3,226</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; width: 7.87191%; height: 10px; border-bottom-color: #000000 !important; 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>













</tr>
<tr style="height: 36px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; height: 36px; vertical-align: bottom;" valign="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: 0.983607%; height: 36px; vertical-align: bottom;" valign="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: 8.11475%; height: 36px; vertical-align: bottom;" valign="bottom">
<p style="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; width: 0.983607%; height: 36px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; height: 36px; vertical-align: bottom;" valign="bottom">
<p style="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; height: 36px; vertical-align: bottom;" valign="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="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; height: 36px; vertical-align: bottom;" valign="bottom">
<p style="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; height: 36px; vertical-align: bottom;" valign="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="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; height: 36px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total - designated</font></p>


























</td>
<td colspan="2" style="width: 1.00587%; height: 36px; vertical-align: bottom;" valign="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 11.9203%; height: 36px; 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; font-weight: bold;"> 362,100</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; height: 36px; vertical-align: bottom;" valign="bottom">
<p style="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 8.34697%; height: 36px; 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; font-weight: bold;"> (104,370)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; height: 36px; vertical-align: bottom;" valign="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 7.72044%; height: 36px; 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; font-weight: bold;">(63,030)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; height: 36px; vertical-align: bottom;" valign="bottom">
<p style="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 7.87191%; height: 36px; 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; font-weight: bold;">29,577</font></p>


























</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="29" style="padding-left: 3pt; padding-right: 3pt; width: 103.49%; 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; font-weight: bold; text-decoration: underline;">Derivatives not designated as hedge accounting</font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; 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;">&nbsp;</font></p>


























</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; 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;">Foreign exchange swap</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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; width: 8.11475%; height: 17px; 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;">USD + 0.00%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; height: 17px; 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;">52.5% CDI</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; height: 17px; 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;">Jun/29</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; height: 17px; 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;">USD 300,000</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; 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;"> 414,139</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; 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;"> (73,842)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; 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>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; 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;">NDF</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">USD</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">BRL</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">Jun/25</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; 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;">USD 42,927</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="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</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (4,649)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (22,021)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="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: 34px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; height: 34px; 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;">Commodity forward</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 34px; 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: 8.11475%; height: 34px; 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;">BRL</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 34px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; height: 34px; 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;">Heating Oil/ RBOB</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; height: 34px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; height: 34px; 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;">Apr/25</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; height: 34px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; height: 34px; 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;">USD 26,528</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; height: 34px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 11.9203%; height: 34px; 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;"> 26,306</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; height: 34px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 8.34697%; height: 34px; 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;"> (816)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; height: 34px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.72044%; height: 34px; 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;"> 18,759</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; height: 34px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.87191%; height: 34px; 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>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; 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;">Interest rate swap</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">USD + 5.25%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">CDI -1.4%</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">Jun/29</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; 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;">USD 300,000</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; width: 11.9203%; height: 17px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; width: 8.34697%; height: 17px; 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;"> (309,556)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; width: 7.72044%; height: 17px; 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;"> (2,809)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; width: 7.87191%; height: 17px; 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: 36px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; height: 36px; 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: 0.983607%; height: 36px; 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: 8.11475%; height: 36px; 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: 0.983607%; height: 36px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; height: 36px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; height: 36px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; height: 36px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; height: 36px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; height: 36px; vertical-align: bottom; text-align: center; 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;">Total - not designated</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; height: 36px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 11.9203%; height: 36px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold;"> 441,006</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; height: 36px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 8.34697%; height: 36px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold;"> (315,021)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; height: 36px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 7.72044%; height: 36px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold;"> (79,913)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; height: 36px; 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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 7.87191%; height: 36px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold;">&#8208;</font></p>


























</td>













</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 27.2951%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.983607%; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.11475%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.01268%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.60621%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 7.79971%; height: 18px; vertical-align: bottom; text-align: center;" valign="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</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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; font-weight: bold;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 11.9203%; height: 18px; 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; font-weight: bold;"> 803,106</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.71849%; 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; font-weight: bold;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 8.34697%; height: 18px; 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; font-weight: bold;"> (419,391)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 0.983695%; 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; font-weight: bold;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 7.72044%; height: 18px; 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; font-weight: bold;"> (142,943)</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 1.00587%; 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; font-weight: bold;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; width: 7.87191%; height: 18px; 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; font-weight: bold;">29,577</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;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="vertical-align: super;">(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-size: 8pt; font-family: 'times new roman', times;"><font style="vertical-align: super;">(2) </font>Currency as indicated.</font></p>
<p style="margin: 0pt; orphans: 0; 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'>63</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: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></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;" width="100%">

<tr style="height: 13.5pt;">
<td colspan="4" style="padding-left: 3pt; padding-right: 3pt; width: 308.95pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; text-decoration: underline;">Derivatives designated as hedge accounting</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<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; width: 66.05pt; vertical-align: bottom;" valign="bottom">
<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; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="width: 101.15pt; vertical-align: bottom;" valign="bottom">
<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; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="background-color: #ffffff; padding-left: 3pt; padding-right: 3pt; width: 59.45pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="background-color: #ffffff; padding-left: 3pt; padding-right: 3pt; width: 55.8pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; width: 7pt; vertical-align: bottom;" valign="bottom">
<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; width: 74.1pt; vertical-align: bottom;" valign="bottom">
<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; width: 7pt; vertical-align: bottom;" valign="bottom">
<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; width: 81.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>


























</tr>
<tr style="height: 24pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 106.25pt; 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;">Product</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; width: 195.7pt; 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;">Contracted rates</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 66.05pt; 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;">Maturity</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 101.15pt; 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-size: 8pt; font-family: 'times new roman', times;"><font style="font-weight: bold;">Notional amount </font><font style="font-weight: bold; vertical-align: super;">(2)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; width: 122.25pt; 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;">Fair value as of 03/31/2024</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<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; width: 162.5pt; 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;">Gains (losses) as of 03/31/2024</font></p>


























</td>


























</tr>
<tr style="height: 23.25pt;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 106.25pt; border-top-width: 1px; border-top-style: solid; border-top-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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 109.2pt; border-top-width: 1px; border-top-style: solid; border-top-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;">Assets</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 86.5pt; border-top-width: 1px; border-top-style: solid; border-top-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;">Liabilities</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 66.05pt; border-top-width: 1px; border-top-style: solid; border-top-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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 101.15pt; 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: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">03/31/2024</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 59.45pt; 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: 0pt; text-align: center;"><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; width: 7pt; 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: 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; width: 55.8pt; 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: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Liabilities</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; vertical-align: bottom;" valign="bottom">
<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; width: 74.1pt; 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: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Profit or loss</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7pt; border-top-width: 1px; border-top-style: solid; border-top-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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 81.4pt; 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: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Fair value adjustment of debt - R$</font></p>


























</td>


























</tr>
<tr style="height: 13.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Foreign exchange swap <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: 109.2pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD + 3.28%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">53.60% of DI</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 66.05pt; background-color: #cceeff;">
<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; vertical-align: middle; width: 7pt; 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: top; width: 101.15pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<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; vertical-align: middle; width: 7pt; 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; width: 59.45pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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: middle; width: 7pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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; width: 55.8pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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; width: 7pt; 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: middle; width: 74.1pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 5,581</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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; width: 81.4pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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>


























</tr>
<tr style="height: 13.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Foreign exchange swap <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: 109.2pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD + 5.47%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">110.02% of DI</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 66.05pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Sept/25</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: top; width: 101.15pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> USD 206,067</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 59.45pt;">
<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; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 55.8pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (65,532)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt;">
<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: middle; width: 74.1pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 14,179</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 81.4pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 13,661</font></p>


























</td>


























</tr>
<tr style="height: 13.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Foreign exchange swap <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: 109.2pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">EUR + 5.20%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">109.44% of DI</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 66.05pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Mar/25</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: top; width: 101.15pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> EUR 120,147</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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; width: 59.45pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 65</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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; width: 55.8pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (2,046)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt; 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: middle; width: 74.1pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (1,560)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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; width: 81.4pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 55</font></p>


























</td>


























</tr>
<tr style="height: 13.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Foreign exchange swap<font style="vertical-align: super; font-size: 8pt;"> (1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: 109.2pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">JPY + 1.50%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">109.30% of DI</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 66.05pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Mar/25</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: top; width: 101.15pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> JPY 16,324,393</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 59.45pt;">
<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; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 55.8pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (87,259)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt;">
<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: middle; width: 74.1pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (29,161)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 81.4pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (6,089)</font></p>


























</td>


























</tr>
<tr style="height: 13.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest rate swap <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: 109.2pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">IPCA + 5.03%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">102.87% of DI</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 66.05pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Jun/32</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: top; width: 101.15pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">BRL 3,226,054</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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; width: 59.45pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 597,187</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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; width: 55.8pt; 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; width: 7pt; 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: middle; width: 74.1pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (36,253)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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; width: 81.4pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (52,753)</font></p>


























</td>


























</tr>
<tr style="height: 13.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest rate swap <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: 109.2pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 10.48%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">103.64% of DI</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 66.05pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Jul/27</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: top; width: 101.15pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">BRL 615,791</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 59.45pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 5,808</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 55.8pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (3,391)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt;">
<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: middle; width: 74.1pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (8,118)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 81.4pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (5,576)</font></p>


























</td>


























</tr>
<tr style="height: 13.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Commodity forward <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: 109.2pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">BRL</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Heating Oil/ RBOB</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 66.05pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May/24</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: top; width: 101.15pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD 568</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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; width: 59.45pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 3,661</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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; width: 55.8pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (1,302)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt; 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: middle; width: 74.1pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (43,863)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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; width: 81.4pt; 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>


























</tr>
<tr style="height: 13.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">NDF <font style="vertical-align: super; font-size: 8pt;">(1)</font></font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: 109.2pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">BRL</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 66.05pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dec/24</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: top; width: 101.15pt; 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: 10pt;">USD 59,103</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 59.45pt; 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;"> 166</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 55.8pt; 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;"> (1,241)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt;">
<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: middle; width: 74.1pt; 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;"> (8,026)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 81.4pt; 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;">&#8208;</font></p>


























</td>


























</tr>
<tr style="height: 14.25pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt; 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: middle; width: 7pt; 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: 109.2pt; background-color: #cceeff;">
<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; vertical-align: bottom; width: 86.5pt; background-color: #cceeff;">
<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; vertical-align: middle; width: 7pt; 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: middle; width: 66.05pt; background-color: #cceeff;">
<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; vertical-align: middle; width: 7pt; 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: middle; width: 101.15pt; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total - designated</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; background-color: #cceeff;">
<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; vertical-align: middle; width: 59.45pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 606,887</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; background-color: #cceeff;">
<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; vertical-align: middle; width: 55.8pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (160,771)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt; background-color: #cceeff;">
<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: middle; width: 74.1pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (107,221)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; background-color: #cceeff;">
<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; vertical-align: middle; width: 81.4pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (50,702)</font></p>


























</td>


























</tr>
<tr style="height: 14.25pt;">
<td colspan="4" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 308.95pt;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;">Derivatives not designated as hedge accounting</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 66.05pt;">
<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: middle; width: 7pt;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: middle; width: 101.15pt; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<p style="margin: 0pt; text-align: 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: 59.45pt; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 55.8pt; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt;">
<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: 74.1pt; 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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt;">
<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: 81.4pt; 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;">&nbsp;</font></p>


























</td>


























</tr>
<tr style="height: 13.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange swap</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 109.2pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD + 0.00%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">52.53% CDI</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 66.05pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Jun/29</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: top; width: 101.15pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD 300,000</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt; 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: middle; width: 59.45pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 201,596</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 55.8pt; 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: middle; width: 7pt; 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: middle; width: 74.1pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 11,775</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 81.4pt; 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>


























</tr>
<tr style="height: 13.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">NDF</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 109.2pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">BRL</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 66.05pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May/24</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: top; width: 101.15pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD 68,561</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt;">
<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: middle; width: 59.45pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 424</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 55.8pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (651)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 74.1pt;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 19,685</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 81.4pt;">
<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: 13.5pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Commodity forward</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 109.2pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">BRL</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Heating Oil/ RBOB</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 66.05pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dec/24</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: top; width: 101.15pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> USD 137,355</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt; 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: middle; width: 59.45pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 13,942</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 55.8pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (7,957)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 74.1pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> (1,373)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; 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: middle; width: 81.4pt; 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>


























</tr>
<tr style="height: 13.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest rate swap</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 109.2pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">USD + 5.25%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 86.5pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">CDI - 1.36%</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 66.05pt;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Jun/29</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: top; width: 101.15pt; 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: 10pt;"> USD 300,000</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt;">
<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: middle; width: 59.45pt; 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;">&#8208;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 55.8pt; 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;"> (229,271)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 74.1pt; 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;"> (33,028)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt;">
<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: middle; width: 81.4pt; 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;">&#8208;</font></p>


























</td>


























</tr>
<tr style="height: 14.25pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.25pt; 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: middle; width: 7pt; 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: middle; width: 109.2pt; 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: middle; width: 86.5pt; 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: middle; width: 7pt; 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: middle; width: 66.05pt; 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: middle; width: 7pt; 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: middle; width: 101.15pt; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total - not designated</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt; background-color: #cceeff;">
<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: middle; width: 59.45pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 215,962</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; background-color: #cceeff;">
<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: middle; width: 55.8pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (237,879)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; background-color: #cceeff;">
<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: middle; width: 74.1pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (2,941)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; background-color: #cceeff;">
<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: middle; width: 81.4pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#8208;</font></p>


























</td>


























</tr>
<tr style="height: 14.25pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 106.25pt;">
<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: 7pt;">
<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: 109.2pt;">
<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: 86.5pt;">
<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: 7pt;">
<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: 66.05pt;">
<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: 7pt;">
<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: 101.15pt; 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;">
<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; width: 7pt;">
<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; width: 59.45pt; 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;">
<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; width: 7pt;">
<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; width: 55.8pt; 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;">
<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; width: 7pt;">
<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; width: 74.1pt; 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;">
<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; width: 7pt;">
<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; width: 81.4pt; 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;">
<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: 14.25pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 106.25pt; 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: 7pt; 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: 109.2pt; 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: 86.5pt; 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: 7pt; 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: 66.05pt; 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: 7pt; 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: middle; width: 101.15pt; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7pt; background-color: #cceeff;">
<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: middle; width: 59.45pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 822,849</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; background-color: #cceeff;">
<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; vertical-align: middle; width: 55.8pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (398,650)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; background-color: #cceeff;">
<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; vertical-align: middle; width: 74.1pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (110,162)</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7pt; background-color: #cceeff;">
<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; vertical-align: middle; width: 81.4pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (50,702)</font></p>


























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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="vertical-align: super;">(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-size: 8pt; font-family: 'times new roman', times;"><font style="vertical-align: super;">(2)</font> Currency as indicated.</font></p>
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<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













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<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>













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<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;"><font style="font-style: italic; font-weight: bold; line-height: inherit;"><br></font></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;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">g. Hedge </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">accounting</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;">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 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. As of March 31, 2025, 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;">As of March 31, 2025, 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; 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;">h. </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Financial</font><font style="font-style: italic; font-weight: bold; line-height: inherit;"> instruments (energy trading futures contracts)</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; 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>












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<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













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<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













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<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>













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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;"><br></font></p>
<p style="margin: 0pt; 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;"><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: 105px; width: 100%;" width="100%">

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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 106.2pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="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;">Valuation technique</font></p>


























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 9pt; height: 10px;">
<p style="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>


























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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;">Fair value of energy contracts</font></p>


























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 9pt; height: 10px;">
<p style="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>


























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<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 110.25pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="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;">Sensitivity of inputs to fair value (a)</font></p>


























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<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 85.05pt; height: 38px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial assets</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: 10pt;">Discounted cash flow method</font></p>


























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9pt; height: 19px;">
<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: 109.5pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">731,515</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9pt; height: 19px;">
<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: 36pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 19px;">
<p style="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-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 74.25pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">834,678</font></p>


























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9pt; height: 19px;">
<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: 109.5pt; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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: 9pt; height: 19px;">
<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: 36pt; height: 19px;">
<p style="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-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 74.25pt; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">536,821</font></p>


























</td>


























</tr>
<tr style="height: 19px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 85.05pt; height: 19px;">
<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;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9pt; height: 19px;">
<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: 109.5pt; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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: 9pt; height: 19px;">
<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: 36pt; height: 19px;">
<p style="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; vertical-align: middle; width: 74.25pt; height: 19px;">
<p style="margin: 0pt; page-break-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: 19px;">
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 85.05pt; height: 38px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial liabilities</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9pt; height: 19px;">
<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: 109.5pt; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">431,636</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9pt; height: 19px;">
<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: 36pt; height: 19px;">
<p style="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-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 74.25pt; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">548,940</font></p>


























</td>


























</tr>
<tr style="height: 19px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 9pt; height: 19px;">
<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: 109.5pt; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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: 9pt; height: 19px;">
<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: 36pt; height: 19px;">
<p style="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-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 74.25pt; height: 19px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">257,478</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;">&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 style="font-size: 8pt;">(a)</font> <font style="font-size: 8pt;">This 10% variation scenario represents a fluctuation considered reasonable by the Company, based on the history of negotiations concluded under similar market conditions.</font></font></p>
<p style="margin: 0pt;"><font style="font-size: 10pt; font-weight: bold; text-align: justify;">&nbsp;</font></p>













</div>
<div>
<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="BSD_21_142025171845836" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">27. Acquisition of Interest and Control</font></a></div>
<p style="margin: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-size: 10pt; font-family: 'times new roman', times;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">a. </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Hidrovias</font><font style="font-style: italic; font-weight: bold; line-height: inherit;"> do </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Brasil</font><font style="font-style: italic; font-weight: bold; line-height: inherit;"> S.A.</font></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; 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-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">In 2023, the Company began the process of acquiring an interest in </font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;"> do </font><font style="line-height: inherit;">Brasil</font><font style="line-height: inherit;"> S.A. (&#8220;</font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;">&#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 </font><font style="line-height: inherit;">Log&#237;stica</font><font style="line-height: inherit;"> Ltda. and settled the TRS. From this date, all transactions have been carried out through subsidiary Ultrapar </font><font style="line-height: inherit;">Log&#237;stica</font><font style="line-height: inherit;"> Ltda. </font></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; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">On May 7, 2024, subsidiary Ultrapar </font><font style="line-height: inherit;">Log&#237;stica</font><font style="line-height: inherit;"> completed the purchase of 128,369,488 shares from </font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;">, which represented 16.88% of its share capital, at a cost of R$ 3.98/share. Also in May 2024, when obtaining sufficient evidence demonstrating its power to exert significant influence on decisions regarding </font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;">' financial and operational policies, subsidiary Ultrapar </font><font style="line-height: inherit;">Log&#237;stica</font><font style="line-height: inherit;"> began to recognize its interest in </font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;"> as an investment in an associate with significant influence, in accordance with IAS 28/CPC 18.</font></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; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">On December 26, 2024, subsidiary Ultrapar </font><font style="line-height: inherit;">Log&#237;stica</font><font style="line-height: inherit;"> signed an Advance for Future Capital Increase agreement with </font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;">, in the amount of R$ 500,000, which was used for subscription and payment of </font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;">&#8217; shares, in a capital increase approved by the Board of Directors of </font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;"> on February 28, 2025.</font></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; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">Subsequently, throughout the first quarter of 2025, subsidiary Ultrapar </font><font style="line-height: inherit;">Log&#237;stica</font><font style="line-height: inherit;"> acquired additional shares through the Stock Exchange (&#8220;B3&#8221;) in the amount of R$ 7,373 and reached an interest of 42.26% in </font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;">&#8217; share capital. </font></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>










</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>
<p style="margin:0pt"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>













</tr>

































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;"><br></font></font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">The transaction amounts&#8203;for acquiring an interest in </font><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;"> are shown below:</font></font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><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: 133px; width: 100%;" width="100%">

<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 90%; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amount paid for the acquisition of shares &#8211; financial asset</font></p>


























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">579,066</font></p>


























</td>


























</tr>
<tr style="height: 20px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 20px;">
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gain (loss) on fair value adjustment of financial assets</font></p>


























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 20px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">66,267</font></p>


























</td>


























</tr>
<tr style="height: 21px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 21px;">
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total financial asset transferred to the investments line item</font></p>


























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 21px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">645,333</font></p>


























</td>


























</tr>
<tr style="height: 21px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 21px;">
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Subsequent acquisitions of additional interests</font></p>


























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 21px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">697,559</font></p>


























</td>


























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">Total investment in </font><font style="font-weight: bold;">Hidrovias</font><font style="font-weight: bold;"> (A)&#185;</font></font></p>


























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,342,892</font></p>


























</td>


























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 2pt 0pt 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>


























</tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 20px;">
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Participation equivalent to equity of the associate (B)</font></p>


























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; height: 20px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">563,513</font></p>


























</td>


























</tr>
<tr style="height: 21px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 21px;">
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Provisional goodwill on acquisition of investment (A-B)</font></p>


























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 21px;">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">779,379</font></p>


























</td>


























</tr>





















































</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-size: 8pt;">&#185;</font> <font style="font-size: 8pt;">Equivalent interest calculated with basis on acquisition dates, disregarding the posterior effects of share of profit (loss) of subsidiaries, joint ventures and associates.</font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&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;">b. WTZ Participa&#231;&#245;es S.A.</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;">&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;">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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The initial payment, including the capital contribution of R$49,490, totaled R$104,490. During the period, amounts relating to contingent consideration were paid, totaling R$ 44,506. The remaining transaction amount of R$ 878 was recorded under &#8220;Other payables&#8221;. 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. The purchase price allocation (&#8220;PPA&#8221;) will be completed in 2025. </font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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>











</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'>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>
<div style="width: 8.5in; margin: 0 auto;"><br>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>













</tr>

































</table>
<p style="margin: 0pt; text-align: justify;"><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: 714px; width: 100%;" width="100%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 90%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;">Assets</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<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;">
<p style="margin: 0pt;"><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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 5,399</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 33,168</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;">Recoverable taxes</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;"> 3,036</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepaid expenses</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;"> 170</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;">Other receivables</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;"> 306</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;"><font style="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; height: 17px;">
<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;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other investments</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;"> 5</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;"><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; 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;"> 1,684</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;">Intangible assets, net</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;"> 11</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Derivative instruments</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;"> 209,348</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;"><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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;">Liabilities</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<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;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Loans and financing</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;"> 68</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trade payables</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;"> 27,541</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;">Salaries and related charges</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;"> 2,211</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Taxes payable, income and social contribution taxes payable</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;"> 80,918</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;">Other payables</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;"> 2,641</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;"><font style="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; height: 17px;">
<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;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Goodwill based on expected future profitability</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;"> 52,038</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-controlling interests</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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: 'times new roman', times; font-size: 10pt;"> 67,498</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Assets and liabilities consolidated in the opening balance</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: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 124,288</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; background-color: #cceeff; border-top-color: #000000 !important; height: 18px;">
<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;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Assets acquired</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;"> 130,867</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;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Liabilities assumed</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;"> 58,617</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;">Goodwill based on expected future profitability</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;"> 52,038</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;"><font 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; 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: 'times new roman', times; font-size: 10pt;">&nbsp;</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Acquisition value</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: 18px;">
<p style="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;"> 124,288</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; 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; border-top-width: 2.8pt; border-top-style: double; background-color: #cceeff; border-top-color: #000000 !important; height: 18px;">
<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: 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;">Comprised by</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>


























</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;">Cash</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;"> 55,000</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;">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; 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;"> 23,904</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;">Contingent consideration settled</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;">44,506</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;">Contingent consideration to be settled</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; 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;"> 878</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total consideration</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; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 18px;">
<p style="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;"> 124,288</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; 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; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important; height: 18px;">
<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: 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;">&nbsp;</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;"><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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net cash outflow resulting from acquisition</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>


























</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;">Initial consideration in cash</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;"> 55,000</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;">Contingent consideration settled</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;">44,506</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;">Cash and cash equivalents acquired</font></p>


























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; 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;"> (5,399)</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Acquisition value</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: 18px;">
<p style="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;"> 94,107</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;">&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'>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;"><br>
<table style="width: 100%; margin-left: 0.1px; height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; padding: 10px 0px;"><font style="font-size: 13pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar Participa&#231;&#245;es S.A.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">and</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Subsidiaries</font></font></td>
<td style="width: 50%; height: 44px; vertical-align: top; border-bottom: 1.5pt solid #000080;" rowspan="3" valign="top"><img src="img02889423c1504968958b.jpg" style="float: right;" alt="Graphics"></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-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; font-size: 14.6667px; text-align: justify;"><font style="font-size: 10pt;">Notes to the interim financial information</font></b></td>













</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-bottom: 1.5pt solid #000080;"><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">For the periods ended March 31,<font>&nbsp;</font></font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;">2025</font><font style="color: #000000; 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-family: 'times new roman', times; font-size: 13.3333px; font-weight: bold;"><font>&nbsp;</font></font></td>













</tr>

































</table>
<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;">&nbsp;</font></p>
<div style="background-color: #002060; margin: 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="BSD_20_14202517165194" class="customBookmark"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">28. Events after the reporting period </font></a></div>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold;">&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;">a. Capital increase</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;">&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;">According to the Ordinary and Extraordinary General Meeting held on April 16, 2025, the Company approved the capital increase in the amount of R$ 1,365,348, through the incorporation of the amounts recorded in the investments statutory reserve.&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;">&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; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">b. </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Foreign</font><font style="font-style: italic; font-weight: bold; line-height: inherit;"> loan obtained by </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Ipiranga</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;">&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 April 4, 2025, subsidiary Ipiranga raised foreign financing (without financial covenants) in the amount of USD 86,956 (equivalent to R$ 500,000 on the transaction date), with financial charges of USD + 4.0% p.a. and maturing on April 2, 2026. The subsidiary entered into hedging instruments against interest rate and foreign exchange rate variations on American dollar, changing financial charges to 103.8% of the DI rate.&nbsp; The proceeds from this operation were used to settle the debt related to the CCB of R$ 500,000.</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: 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. Financing from the Constitutional Fund by Ultracargo</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;">On April 10, 2025, subsidiary Ultracargo Log&#237;stica raised a financing from the Northern Region Constitutional Fund (without financial covenants), in the amount of R$ 106,430, with financial charges of IPCA + 3.2% p.a. and maturing on February 15, 2037.</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;"><br></font></p>











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

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


















</div>
























</div><div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><br></p>
<table style="height: 10px; width: 99.9171%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px; background-color: #00458c;">
<td style="color: #ffffff; font-family: calibri; font-size: 12pt; font-weight: bold;" valign="middle">
<div style="color: #ffffff; font-family: calibri; font-size: 12pt; font-weight: bold;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BDn65_642025154447408" class="customBookmark"><font style="font-family: calibri;"><font style="color: #ffffff; font-size: 18pt; font-weight: bold;">1Q25 Earnings Release</font></font></a></div>










































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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; 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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">S&#227;o Paulo, </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">May </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">07</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;"> 202</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">5</font> <font style="color: #05289b; font-size: 10pt; line-height: inherit;">&#8211; </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Ultrapar</font> <font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Participa&#231;&#245;es</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;"> S.A.</font> <font style="font-size: 10pt; line-height: inherit;">(B3: UGPA3 / NYSE: (UGP, &#8220;Company&#8221; or &#8220;</font><font style="font-size: 10pt; line-height: inherit;">Ultrapar</font><font style="font-size: 10pt; line-height: inherit;">&#8221;), operating in energy, mobility, and logistics infrastructure through </font><font style="font-size: 10pt; line-height: inherit;">Ultragaz</font><font style="font-size: 10pt; line-height: inherit;">, Ipiranga, </font><font style="font-size: 10pt; line-height: inherit;">Ultracargo</font><font style="font-size: 10pt; line-height: inherit;"> and </font><font style="font-size: 10pt; line-height: inherit;">Hidrovias</font><font style="font-size: 10pt; line-height: inherit;"> do </font><font style="font-size: 10pt; line-height: inherit;">Brasil</font><font style="font-size: 10pt; line-height: inherit;"> (B3: HBSA3), today announces its results for the first quarter of 2025.</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: 11pt; font-weight: bold; line-height: inherit;">Net revenue</font></p>




























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 11pt; font-weight: bold; line-height: inherit;">Adjusted </font><font style="color: #ffffff; font-size: 11pt; font-weight: bold; line-height: inherit;">EBITDA&#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: 10pt; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA&#185;</font></p>




























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">R$ 3</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">3</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">.</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">3</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">b</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">illion</font></font></p>




























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">R$ </font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">1</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">.</font><font style="font-size: 11pt; 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: 11pt; 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; line-height: inherit;"><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">R$ 1</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">.</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">2</font></font><br><font style="font-family: 'times new roman', times; font-size: 11pt; 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; 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="color: #ffffff; font-family: 'times new roman', times; font-size: 11pt; font-weight: bold; line-height: inherit;">Net income</font></p>




























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<p style="margin: 0pt; text-align: center;"><font style="font-size: 11pt; line-height: inherit;"><font style="color: #ffffff; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;">Cash generation from&nbsp;</font><font style="color: #ffffff; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;">operations</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: 11pt; font-weight: bold; line-height: inherit;">Investments</font></p>




























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 11pt; font-weight: bold; line-height: inherit;">R$ 363</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 11pt; 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: 11pt; font-weight: bold; line-height: inherit;">R$ 3</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 11pt; 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: 11pt; font-weight: bold; line-height: inherit;">R$ 416</font><br><font style="font-family: 'times new roman', times; font-size: 11pt; font-weight: bold; line-height: inherit;">million</font></p>




























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<font style="font-size: 9pt; text-align: center; text-indent: 0pt; line-height: inherit;">&nbsp;</font>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify;"><sup>1</sup> Accounting adjustments and non-recurring items described in the EBITDA calculation table &#8211; page 2</p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Highlights</font></p>
<ul style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 6pt 0pt 0pt 27.45pt; padding-left: 8.25pt; text-align: justify; text-indent: 0pt;">
<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 6pt 0pt 0pt 27.45pt; padding-left: 8.25pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Continuity of good operating results</font><font style="font-size: 10pt; line-height: inherit;"> of </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 6pt 0pt 0pt 27.45pt; padding-left: 8.25pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="EN-US">Continuity of irregularities </font></b><font lang="EN-US">in biodiesel blending and</font><font lang="EN-US"> increased
import of</font><font lang="EN-US"> naphtha for gasoline
affecting the fuel sector. <b>New events in combating irregularities will be
implemented: </b>severe laws for non-compliance with <b>decarbonization credits
</b>acquisition (started in April) and<b> single-phase taxation of hydrated
ethanol for PIS/COFINS </b>(started in May)<b>.</b></font></font></li>







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<br></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.45pt; padding-left: 8.25pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Strong performance in </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Hidrovias</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#8217; results</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">due to </font><font style="font-size: 10pt; line-height: inherit;">improved </font><font style="font-size: 10pt; line-height: inherit;">navigability conditions and advanc</font><font style="font-size: 10pt; line-height: inherit;">ements</font><font style="font-size: 10pt; line-height: inherit;"> in the management and operation of the company&#8217;s assets.</font></font></li>


























</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.45pt; padding-left: 8.25pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Advances</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;in </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Hidrovias</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#8217; strategic agenda:</font></font></li>




























</ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 71.7pt; text-indent: -18pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">&#173;</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; font-size: 7pt; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;-&nbsp;&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">Signing of agreement for </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">the sale of the cabotage operation in the amount of R$ 715 million</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">increasing</font><font style="font-size: 10pt; line-height: inherit;"> its strategic focus and contributing to the reduction of financial leverage.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 71.7pt; text-indent: -18pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 71.7pt; text-indent: -18pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">&#173;</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; font-size: 7pt; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;-&nbsp; &nbsp;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Capital increase of R$ 1.2 billion</font><font style="font-size: 10pt; line-height: inherit;">, allowing the continuity of its growth agenda, reduction of financial leverage and generate shareholder value</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Recent funding totaling R$ 1.4 billion with an average cost equivalent to 101% CDI, </font><font style="font-size: 10pt; line-height: inherit;">highlighting the continuity of financing for expansions with development banks.</font></font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></li>
<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; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Start of Krispy Kreme&#8217;s operations</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">in Brazil, </font><font style="font-size: 10pt; line-height: inherit;">a joint venture between </font><font style="font-size: 10pt; line-height: inherit;">AmPm</font><font style="font-size: 10pt; line-height: inherit;"> and Krispy Kreme's parent company, under an exclusive</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;partnership model for sales in convenience stores.</font></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-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Conclusion </font><font style="font-size: 10pt; line-height: inherit;">of </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar&#8217;s</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> planned leadership succession plan</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">w</font><font style="font-size: 10pt; line-height: inherit;">ith the change in the C</font><font style="font-size: 10pt; line-height: inherit;">hairman</font><font style="font-size: 10pt; line-height: inherit;"> of the Board of Directors, reflecting the continuity of </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar</font><font style="font-size: 10pt; line-height: inherit;"> as a long-term strategic shareholder.</font></font></li>





















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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>





















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<p style="margin: 6pt 0pt; 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;">Considerations on the financial and operational information</font></p>




























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<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><br></p>
<p style="margin: 6pt 0pt 6pt 0cm; text-align: justify; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-size: 9pt; line-height: 1.2; font-family: Aptos, sans-serif; color: #000000; margin: 6pt 0pt; text-align: justify;">T<font style="font-family: 'times new roman', times; font-size: 10pt; ;color: black;">he
financial information presented on this document were extracted from the
individual and consolidated interim financial information ("Quarterly
Information") for the three months period ended on March 31, 2025, and
prepared in accordance with the pronouncement CPC 21 (R1) - Interim Financial
Reporting and the International Accounting Standard IAS 34 issued by the
International Accounting Standards Board ("IASB"), and presented in
accordance with the applicable rules for Quarterly Information, issued by the
Brazilian Securities and Exchange Commission (&#8220;CVM&#8221;). Hidrovias&#8217; results are
accounted for with a two-month lag, impacting the share of results of Ultrapar
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 Ultrapar'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 precede them.</font></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;">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="font-size: 10pt; line-height: 1.2; text-align: justify; margin: 0pt 0pt 6pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"> 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></font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;"><b style="color: #000000; font-size: 14.6667px; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt; line-height: inherit; color: #00458c;">R$ million</font></b></font></font></p>
<table cellspacing="0" cellpadding="0" style="height: 501px; 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 20px; width: 69.9864%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;">
<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="3" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 30.0813%; 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; font-weight: bold; line-height: inherit;">Quarter</font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25</font></font></p>




























</td>
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">24</font></font></p>




























</td>
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">4</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">24</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border: 1px solid #00458c;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Net income</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-top-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; line-height: inherit; font-size: 8pt;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">363</font> </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-top-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: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">455</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-bottom-color: #000000; border-width: 1px 1px 1pt 1px; border-style: solid;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">881 </font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(+)</font> <font style="line-height: inherit;">Income and social contribution taxes</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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: 8pt; line-height: inherit;">248 </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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: 8pt; line-height: inherit;">209</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">776</font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(+)</font> <font style="line-height: inherit;">Net financial (income) expenses</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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: 8pt; line-height: inherit;">180</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">283</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">335</font> </font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(+)</font> <font style="line-height: inherit;">Depreciation</font> <font style="line-height: inherit;">and</font><font style="line-height: inherit;"> amortization<sup>1</sup></font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">300</font> </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">278</font> </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">299</font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 69.9864%; border: 1px solid #00458c;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">EBITDA</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-top-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; line-height: inherit; font-size: 8pt;"><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;">091</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-top-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; line-height: inherit; font-size: 8pt;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">225</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-top-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: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="color: #00458c; line-height: inherit;">2</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">291</font></font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><b>Accounting&nbsp;Adjustments</b></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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: 8pt; line-height: inherit;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><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;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(+) Amortization of contractual assets with customers - exclusive rights</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 </font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(+) Amortization of fair value adjustments on </font><font style="line-height: inherit;">associates</font><font style="line-height: inherit;"> acquisition</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">0</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">0</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(+) MTM of energy futures contracts </font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">(9)</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">-</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(64)</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border: 1px solid #00458c;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Adjusted EBITDA </font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-top-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; line-height: inherit; font-size: 8pt;"><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;">188</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-top-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; line-height: inherit; font-size: 8pt;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">358</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-top-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: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="color: #00458c; line-height: inherit;">2</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">379</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Ipiranga</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">832</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">819</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">841</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Ultragaz </font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">393</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">401</font> </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">554</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Ultracargo</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">166</font> </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">165</font> </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">169</font> </font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">Hidrovias<sup>2</sup></font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(139)</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">-</font> </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">104</font><font style="line-height: inherit;">)</font></font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">Holding</font> <font style="line-height: inherit;">and other companies</font></font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%;">
<p style="margin: 0pt; 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Holding</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5</font><font style="line-height: inherit;">4</font><font style="line-height: inherit;">)</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">40</font><font style="line-height: inherit;">)</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">50</font><font style="line-height: inherit;">)</font></font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Other companies</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (</font><font style="line-height: inherit;">10</font><font style="line-height: inherit;">)</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (</font><font style="line-height: inherit;">3</font><font style="line-height: inherit;">)</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">17</font><font style="line-height: inherit;">)</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">Extraordinary expenses/provisions and post-closing adjustments from the sales of </font><font style="line-height: inherit;">Oxiteno</font><font style="line-height: inherit;"> and </font><font style="line-height: inherit;">Extrafarma</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">- </font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">16</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(14)</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Non-recurring items that affected EBITDA</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><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;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(-) Results from disposal of assets (Ipiranga)</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">(5)</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(36)</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(63)</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(-) Credits and provisions (Ipiranga)</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">-</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(934)</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(-) Earnout Stella (</font><font style="line-height: inherit;">Ultragaz</font><font style="line-height: inherit;">)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">-</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(37)</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(-) Credits and provisions (</font><font style="line-height: inherit;">Ultragaz</font><font style="line-height: inherit;">)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">-</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(76)</font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">(-) Extraordinary expenses/provisions and post-closing adjustments from the sales of </font><font style="line-height: inherit;">Oxiteno</font><font style="line-height: inherit;"> and </font><font style="line-height: inherit;">Extrafarma</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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: 8pt; line-height: inherit;">-</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(16)</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">14</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border: 1px solid #00458c;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Recurring</font> <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></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-top-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; line-height: inherit; font-size: 8pt;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><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;">183</font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-top-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; line-height: inherit; font-size: 8pt;"><font style="color: #00458c; line-height: inherit;">&nbsp;&nbsp;&nbsp; 1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">3</font><font style="color: #00458c; line-height: inherit;">06 </font></font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-top-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: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="color: #00458c; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">284</font> </font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Ipiranga</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">826</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">783</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">844</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Ultragaz</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">393</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">401</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">441</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Ultracargo</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">166</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">165</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">169</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">Hidrovias</font><font style="line-height: inherit;">&#178;</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">(139)</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (</font><font style="line-height: inherit;">104</font><font style="line-height: inherit;">)</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="font-style: italic; line-height: inherit;">Holding</font> <font style="line-height: inherit;">and other companies</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 30pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">&nbsp; Holding</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; 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: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54)</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40)</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10.0271%; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp; (50)</font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 69.9864%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 30pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Other companies</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; 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: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)</font></p>




























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 10.0271%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #a6a6a6 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)</font></p>




























</td>




























</tr>

























































</table>
<p style="font-size: 6pt; line-height: 1.2; margin: 0px; text-indent: 0px;">&nbsp;&nbsp;</p>
<div style="line-height: 1.2;">
<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'>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>
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 27px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>













</tr>



























</table>
<p align="right" style="text-align: right; margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><b><font style="font-size: 10pt; line-height: inherit; font-family: Aptos, sans-serif; color: #00458c;"><font style="font-family: 'times new roman', times;"><br></font></font></b></p>
<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-align: start; 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;"><font style="font-size: 7pt;"><sup>1&nbsp;</sup></font><font>&nbsp;</font><font style="font-size: 8pt;">Does not include amortization of contractual assets with customers &#8211; exclusive<font>&nbsp;</font>rights</font></p>
<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-align: start; 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;"><font style="font-size: 7pt;"><sup>2</sup><font>&nbsp;&nbsp;</font></font><font style="font-size: 8pt;">Values related to the &#8220;share of loss of subsidiaries, joint ventures and associates&#8221; in<font>&nbsp;</font>Hidrovias.</font></p>
<p align="right" style="text-align: right; margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><b></b><br></p>
<p align="right" style="text-align: right; margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><b><font style="font-size: 10pt; line-height: inherit; font-family: Aptos, sans-serif; color: #00458c;"><font style="font-family: 'times new roman', times;">R$ million</font></font></b></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 157px; width: 100%; text-indent: 0px;" 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: 20px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">ULTRAPAR</font></p>




























</td>
<td colspan="5" 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: 10pt; line-height: inherit;">Quarter</font></p>




























</td>




























</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; 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; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">25</font></font></p>




























</td>
<td style="background-color: #8d8b8c; padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; 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; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">24</font></font></p>




























</td>
<td style="background-color: #8d8b8c; padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; 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; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">4Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">24</font></font></p>




























</td>
<td style="background-color: #8d8b8c; padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; 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; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25 x </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">4</font></font></p>




























</td>
<td style="background-color: #8d8b8c; padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; 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; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25 x </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">4Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">24</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 50%; 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;">Net revenues</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; 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; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">33</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">329</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; 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; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">30</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">396</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; 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; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">35</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">401</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">10</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: 17px; width: 10%; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">-6</font><font style="color: #262626; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">Adjusted EBITDA</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">188</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">358</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; 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: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-12</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: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-5</font><font style="color: #00458c; line-height: inherit;">0</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Recurring </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjusted EBITDA<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: 17px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">183</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">306</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; 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: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-</font><font style="color: #00458c; line-height: inherit;">9</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: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-</font><font style="color: #00458c; line-height: inherit;">8</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 18px;">
<td style="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;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Depreciation and amortization<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: 18px; 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; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">(4</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">06</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; 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; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">(</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">410</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">)</font></font></p>




























</td>
<td style="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: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(452)</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">-1</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: 18px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">-</font><font style="color: #262626; line-height: inherit;">10</font><font style="color: #262626; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">Financial result</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(</font><font style="font-size: 10pt; line-height: inherit;">180</font><font style="font-size: 10pt; line-height: inherit;">)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">(283)</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">(335)</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">-</font><font style="color: #262626; line-height: inherit;">36</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: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">-</font><font style="color: #262626; line-height: inherit;">46</font><font style="color: #262626; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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 income</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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;">363</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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;">455</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; font-weight: bold; line-height: inherit;">881</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-2</font><font style="color: #00458c; line-height: inherit;">0</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: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-59</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Investment</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">s</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">416</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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;">438</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">776</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">-46</font><font style="color: #262626; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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: 17px; border-top-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;">3</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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;">(573)</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">231</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">+</font><font style="color: #00458c; line-height: inherit;">101</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: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-10</font><font style="color: #00458c; line-height: inherit;">0</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>




























</td>




























</tr>

























































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&nbsp;</div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><sup>1</sup>&nbsp;Non-recurring items described in the EBITDA calculation table &#8211; page2</font><br><font style="font-size: 8pt;"><sup>2</sup> Includes amortization of contractual assets with customers &#8211; exclusive rights and amortization of fair value adjustments on associates acquisition</font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"><br>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenues </font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">&#8211; </font><font style="font-size: 10pt; line-height: inherit;">Total of R$ 33,329 million (+10% vs. 1Q24), mainly driven by higher revenues from Ipiranga and </font><font style="font-size: 10pt; line-height: inherit;">Ultragaz</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;"> Compared to 4Q24, net revenue decreased by 6%, mainly due to lower revenues from Ipiranga.</font></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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Total of R$ 1,183 million (-9% vs. 1Q24), primarily due to the negative impact of R$ 139 million of share of&nbsp;&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">loss&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">of </font><font style="font-size: 10pt; line-height: inherit;">Hidrovias</font><font style="font-size: 10pt; line-height: inherit;">, due to the worst historical droughts in the </font><font style="font-size: 10pt; line-height: inherit;">N</font><font style="font-size: 10pt; line-height: inherit;">orth and </font><font style="font-size: 10pt; line-height: inherit;">S</font><font style="font-size: 10pt; line-height: inherit;">out</font><font style="font-size: 10pt; line-height: inherit;">h</font><font style="font-size: 10pt; line-height: inherit;"> corridors.</font> <font style="font-size: 10pt; line-height: inherit;">Compared to 4Q24, Recurring Adjusted EBITDA decreased by 8%, mainly due to the negative impact of share of </font><font style="font-size: 10pt; line-height: inherit;">loss</font> <font style="font-size: 10pt; line-height: inherit;">of </font><font style="font-size: 10pt; line-height: inherit;">Hidrovias</font><font style="font-size: 10pt; line-height: inherit;"> and lower EBITDA from Ipiranga.</font></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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Results from the Holding and other companies &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Negative result of R$ </font><font style="font-size: 10pt; line-height: inherit;">64</font><font style="font-size: 10pt; line-height: inherit;"> million, driven by (i) R$ </font><font style="font-size: 10pt; line-height: inherit;">54</font><font style="font-size: 10pt; line-height: inherit;"> million from the Holding expenses, and (ii) a negative result of R$ 10 million from other companies, mainly due to the performance of </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;">.&nbsp; </font></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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Share of results of subsidiaries, joint ventures and associates for </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Hidrovias&nbsp;</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">&#8211; </font><font style="font-size: 10pt; line-height: inherit;">Negative result of R$ 139 million in the quarter, equivalent 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 </font><font style="font-size: 10pt; line-height: inherit;">loss</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;of </font><font style="font-size: 10pt; line-height: inherit;">Hidrovias</font><font style="font-size: 10pt; line-height: inherit;">, mainly due to the negative impact of the water crisis on operations in November and December 2024.</font> </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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Depreciation and amortization &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Total of R$ </font><font style="font-size: 10pt; line-height: inherit;">406</font><font style="font-size: 10pt; line-height: inherit;"> million, a 1% decrease compared to </font><font style="font-size: 10pt; line-height: inherit;">1Q24</font><font style="font-size: 10pt; line-height: inherit;"> and a 10% decrease compared to 4Q24, mainly due to lower expenses with amortization of contractual assets with customers at Ipiranga.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial result &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Negative result of R$ </font><font style="font-size: 10pt; line-height: inherit;">180</font><font style="font-size: 10pt; line-height: inherit;"> million in 1Q25 (improvement of R$ 1</font><font style="font-size: 10pt; line-height: inherit;">03</font><font style="font-size: 10pt; line-height: inherit;"> million vs 1Q24 and of R$ 155 million vs 4Q24), mainly reflecting the one-off positive mark-to-mark</font><font style="font-size: 10pt; line-height: inherit;">et</font><font style="font-size: 10pt; line-height: inherit;"> effect of R$ 118 million this quarter, partially offset by the higher CDI rate and higher average net debt.</font></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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Net income &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Total of R$ </font><font style="font-size: 10pt; line-height: inherit;">363</font><font style="font-size: 10pt; line-height: inherit;"> million (</font><font style="font-size: 10pt; line-height: inherit;">-20</font><font style="font-size: 10pt; line-height: inherit;">% vs 1Q24), mainly due to the negative impact of </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> share in the </font><font style="font-size: 10pt; line-height: inherit;">loss</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;of </font><font style="font-size: 10pt; line-height: inherit;">Hidrovias</font><font style="font-size: 10pt; line-height: inherit;"> partially offset by lower financial expenses. Compared to 4Q24, net income decreased by </font><font style="font-size: 10pt; line-height: inherit;">59</font><font style="font-size: 10pt; line-height: inherit;">%, due to lower EBITDA partially offset by better financial result.</font></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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash flow from operating activities</font><font style="font-size: 10pt; line-height: inherit;"> &#8211; Generation of R$ 3 million in 1Q25, compared to the</font> <font style="font-size: 10pt; line-height: inherit;">consumption</font><font style="font-size: 10pt; line-height: inherit;"> of R$ 573 million in 1Q24, mainly due to lower investment in working capital and income tax paid.</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="line-height: 1.2;">
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>72</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: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; 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; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>

















































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<p style="font-size: 3pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>






















</div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;">
<p align="right" style="text-align: right; margin: 0px; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><b><font style="font-size: 10pt; line-height: inherit; font-family: Aptos, sans-serif; color: #00458c;">&nbsp;</font></b></p>
<p align="right" style="text-align: right; margin: 0px; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10pt; line-height: inherit; color: #00458c;">R$ million</font></b></font></p>
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<tr style="height: 18px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 36px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">IPIRANGA</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-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; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">Quarter</font></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-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; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">25</font></font></p>




























</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; 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; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; 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: 18px; 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; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">4Q</font><font style="color: #ffffff; font-size: 10pt; 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: 18px; 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; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25 x </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">4</font></font></p>




























</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; 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; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25 x </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">4Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">24</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Total v</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">olume </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">(</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">&#8216;000</font><font style="color: #00458c; font-weight: bold; line-height: inherit;"> m&#179;)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><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;">578</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><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;">583</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><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: 17px; 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: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">0</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: 17px; 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: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-</font><font style="color: #00458c; line-height: inherit;">7</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">775</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">750</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><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: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">1</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: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">-</font><font style="color: #262626; line-height: inherit;">7</font><font style="color: #262626; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><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: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">699</font></font></p>




























</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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">745</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><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: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">-2</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: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">-</font><font style="color: #262626; line-height: inherit;">8</font><font style="color: #262626; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">O</font><font style="color: #262626; line-height: inherit;">ther</font><font style="color: #262626; line-height: inherit;">s<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: 17px; 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;">104</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">88</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">99</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">7</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: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">5</font><font style="color: #262626; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Adjusted EBITDA </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">(R</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">$ million)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">8</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">32</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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;">819</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><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;">841</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">2</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: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-55</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; font-style: italic; line-height: inherit;">Adjusted EBITDA margin (R$/m&#179;)</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">149</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">147</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">306</font></p>




























</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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; font-style: italic; line-height: inherit;">2</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; font-style: italic; line-height: inherit;">-51</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">Non-recurring<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: 17px; 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;">5</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">36</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">997</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; line-height: inherit;">-85</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: 17px; 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;">-99%</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">(R</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">$ million)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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;">826</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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;">783</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; font-weight: bold; line-height: inherit;">844</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">6</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: 17px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-</font><font style="color: #00458c; line-height: inherit;">2</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; font-style: italic; line-height: inherit;">Recurring Adjusted EBITDA margin (R$/m&#179;)</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; font-style: italic; line-height: inherit;">14</font><font style="color: #262626; font-style: italic; line-height: inherit;">8</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-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; font-style: italic; line-height: inherit;">140</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">140</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="font-style: italic; line-height: inherit;">6</font><font style="font-style: italic; line-height: inherit;">%</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="font-style: italic; line-height: inherit;">6</font><font style="font-style: italic; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-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 LTM EBITDA </font><br><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">(R$ </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">million)<font style="font-size: 8pt;"><sup>3</sup></font></font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-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; line-height: inherit; font-size: 10pt;"><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;">3</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">87</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-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; line-height: inherit; font-size: 10pt;"><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;">801</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-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; line-height: inherit; font-size: 10pt;"><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;">343</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">-</font><font style="color: #00458c; line-height: inherit;">11</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: 34px; border-top-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; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; line-height: inherit;">1</font><font style="color: #00458c; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; font-style: italic; line-height: inherit;">Recurring Adjusted LTM EBITDA margin (R$/m&#179;)</font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="font-style: italic; line-height: inherit;">14</font><font style="font-style: italic; line-height: inherit;">4</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; font-style: italic; line-height: inherit;">164</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">142</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="font-style: italic; line-height: inherit;">-</font><font style="font-style: italic; line-height: inherit;">12</font><font style="font-style: italic; line-height: inherit;">%</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="font-style: italic; line-height: inherit;">1</font><font style="font-style: italic; line-height: inherit;">%</font></font></p>




























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<p style="font-size: 6pt; line-height: 1.2; margin: 0pt;"><br></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><sup>1</sup></font> <font style="font-size: 8pt;">Fuel oils, arla 32, kerosene, lubricants and greases</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><sup>2</sup> Non-recurring items described in the EBITDA calculation table &#8211; page 2</font></p>
<p style="font-size: 6pt; line-height: 1.2; margin: 0pt;"><font style="font-size: 7pt; line-height: inherit;">&nbsp;</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Operational performance &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Ipiranga&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> sales volume remained stable compared to 1Q24, mainly due to the increase of 1% in diesel and the decrease of 2% in the Otto cycle</font><font style="font-size: 10pt; line-height: inherit;">, due to (i) </font><font style="font-size: 10pt; line-height: inherit;">increased irregularities in biodiesel blending</font><font style="font-size: 10pt; line-height: inherit;">, (ii) </font><font style="font-size: 10pt; line-height: inherit;">growth in naphtha imports for gasoline, and (iii) international prices under Petrobras prices, </font><font style="font-size: 10pt; line-height: inherit;">that</font><font style="font-size: 10pt; line-height: inherit;"> started in February</font><font style="font-size: 10pt; line-height: inherit;">. Compared to 4Q24, volume was 7% lower, resulting from the typical seasonality between the periods.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenues &#8211;</font><font style="font-size: 10pt; line-height: inherit;"> Total of R$ 30,234 million (+9% vs 1Q24), mainly </font><font style="font-size: 10pt; line-height: inherit;">due to the effect</font><font style="font-size: 10pt; line-height: inherit;"> of the pass</font><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">through of fuel cost increases.</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;Compared to 4Q24, net revenues decreased by 6%, due to lower sales volume partially offset by the effects of the pass through of fuel cost increases.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost of goods sold</font><font style="font-size: 10pt; line-height: inherit;"> &#8211; Total of R$ 28,806 million (+9% vs 1Q24), mainly due to higher fuel costs.</font><font style="font-size: 10pt; line-height: inherit;"> Compared to 4Q24, costs decreased by 3%, mainly due to the lower sales volume, partially offset by the effect of the</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;fuel cost increases.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Selling, general and administrative expenses -</font> <font style="font-size: 10pt; line-height: inherit;">Total of R$ 762 million (+8% vs 1Q24 and +4% vs 4Q24), due to higher personnel expenses (especially collective bargaining agreement) and higher one-off expenses with demobilization of its own fleet.</font><font style="font-size: 10pt; line-height: inherit;"> Compared to 4Q24, the increase mainly reflects higher personnel expenses.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Other operating results &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Total of negative R$ 105 million (improvement of R$ 60 million vs 1Q24 and of R$ 10 million compared to 4Q24), mainly due to lower expenses with decarbonization credits, given the lower price level. </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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Result from disposal of assets &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Total of R$ 5 million in 1Q25, a decrease of R$ 31 million and of R$ 58 million compared to 1Q24 and 4Q24, respectively, mainly due to lower sale of real estate assets. </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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Total of R$ 826 million (6% vs 1Q24), mainly due to higher margins resulting from: (i) higher inventory gain in 1Q25 due to fuel price adjustments and (ii) solution of </font><font style="font-size: 10pt; line-height: inherit;">the </font><font style="font-size: 10pt; line-height: inherit;">Amap&#225;</font><font style="font-size: 10pt; line-height: inherit;"> irregularities after&nbsp;the tax benefit was revoked in</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;April 2024. </font><font style="font-size: 10pt; line-height: inherit;">These effects were partially offset (i) by increased irregularities in the biodiesel </font><font style="font-size: 10pt; line-height: inherit;">blending, </font><font style="font-size: 10pt; line-height: inherit;"> (</font><font style="font-size: 10pt; line-height: inherit;">ii) significant increase in </font><font style="font-size: 10pt; line-height: inherit;">naphtha imports for gasoline</font><font style="font-size: 10pt; line-height: inherit;">, (iii) </font><font style="font-size: 10pt; line-height: inherit;">international prices under Petrobras prices starting in February</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> resulting in oversupply of products in the market and (iv)</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;higher expenses. </font><font style="font-size: 10pt; line-height: inherit;">Compared to 4Q24</font><font style="font-size: 10pt; line-height: inherit;">, there was a 2% drop, mainly due to the lower sales volume and the effect of the oversupply of products on the market, partially offset by inventory gains.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Investments &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">R$ 213 million was invested in 1Q25, allocated to the expansion and maintenance of its service stations and franchises network and the expansion of the</font> <font style="font-size: 10pt; line-height: inherit;">TRR segment, in addition to investments towards enhancing the technology platform, focus</font><font style="font-size: 10pt; line-height: inherit;">ing</font><font style="font-size: 10pt; line-height: inherit;"> on the replacement of </font><font style="font-size: 10pt; line-height: inherit;">Ipiranga&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> ERP system. Of the total invested, R$ 163 million refers to additions to fixed and intangible assets, R$ 111 million to contractual assets with customers (exclusive rights), and negative R$ 62 million of financing granted to customers</font><font style="background-color: #ffffff;"><font style="font-size: 10pt; line-height: inherit; background-color: #ffffff;">, net of receipts</font><font style="font-size: 10pt; line-height: inherit; background-color: #ffffff;">.</font></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>73</font></font></td>






















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<table style="width: 99.9182%; margin-left: 0.1px; height: 27px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; 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; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>

















































</tr>





































































































</table>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;">
<p align="right" style="margin: 0px; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px; text-align: left;">&nbsp; &nbsp;<b></b></p>
<p align="right" style="text-align: right; margin: 0px; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10pt; line-height: inherit; color: #00458c;">R$ million</font></b></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 194px; 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: 20px; 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; line-height: inherit; font-size: 12pt;"><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><br><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 12pt; line-height: inherit;">&nbsp;</font></p>




























</td>
<td colspan="5" 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-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #8d8b8c !important; border-right-color: #8d8b8c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; 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-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">25</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; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; 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;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">4Q</font><font style="color: #ffffff; font-size: 10pt; 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-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25 x </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">4</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-right-width: 1px; border-right-style: solid; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25 x </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">4Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">24</font></font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; width: 50%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">T</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">otal</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;"> volume</font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;"> ('000 ton</font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; width: 10%;">
<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;">406</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: 10%;">
<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;">402</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: 10%;">
<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: 17px; 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; width: 10%;">
<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: 17px; 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: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-7%</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: 17px; 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;">257</font></p>




























</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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">253</font></p>




























</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="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: 17px; 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;">2%</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: 17px; 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;">149</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">149</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">154</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">0%</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjusted </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">EBITDA<font style="font-size: 8pt;"><sup>1</sup></font></font><font style="color: #00458c; font-size: 9pt; 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: 18px; border-top-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;">393</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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;">401</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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;">554</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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: 18px; border-top-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;">-29%</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit;"><font style="color: #262626; font-size: 10pt; font-style: italic; line-height: inherit;">Adjusted EBITDA margin </font><font style="color: #262626; font-size: 9pt; 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: 17px; 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;">967</font></p>




























</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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">997</font></p>




























</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; line-height: inherit; font-size: 10pt;"><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: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; font-style: italic; line-height: inherit;">-</font><font style="color: #262626; font-style: italic; line-height: inherit;">3</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; font-style: italic; line-height: inherit;">-</font><font style="color: #262626; font-style: italic; line-height: inherit;">24</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; 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; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">N</font><font style="color: #262626; font-size: 10pt; 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: 18px; 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;">-</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; 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;">-</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; 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;">113</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; 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: 18px; 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>




























</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Recurring Adjusted </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">EBITDA</font><font style="color: #00458c; font-size: 6.67pt; font-weight: bold; vertical-align: super; line-height: inherit;">1</font> <font style="color: #00458c; font-size: 9pt; 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: 18px; border-top-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;">393</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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;">401</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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;">441</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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: 18px; border-top-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;">-11%</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit;"><font style="color: #262626; font-size: 10pt; font-style: italic; line-height: inherit;">Recurring Adjusted EBITDA margin </font><font style="color: #262626; font-size: 9pt; 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: 17px; 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; font-style: italic; line-height: inherit;">967</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">997</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><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: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="color: #262626; font-style: italic; line-height: inherit;">-</font><font style="color: #262626; font-style: italic; line-height: inherit;">3</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="font-style: italic; line-height: inherit;">-</font><font style="font-style: italic; line-height: inherit;">5</font><font style="font-style: italic; line-height: inherit;">%</font></font></p>




























</td>




























</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Recurring Adjusted </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">LTM </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">EBITDA</font><font style="color: #00458c; font-size: 6.67pt; font-weight: bold; vertical-align: super; line-height: inherit;">1</font> <font style="color: #00458c; font-size: 9pt; 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: 18px; border-top-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; line-height: inherit; font-size: 10pt;"><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;">679</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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; line-height: inherit; font-size: 10pt;"><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;">665</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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; line-height: inherit; font-size: 10pt;"><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: 18px; border-top-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;">1%</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-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;">0%</font></p>




























</td>




























</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit;"><font style="color: #262626; font-size: 10pt; font-style: italic; line-height: inherit;">Recurring Adjusted LTM EBITDA margin&#178; </font><font style="color: #262626; font-size: 9pt; 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: 17px; 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;">959</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">966</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">966</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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; line-height: inherit; font-size: 10pt;"><font style="font-style: italic; line-height: inherit;">-1</font><font style="font-style: italic; line-height: inherit;">%</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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>




























</tr>

























































</table>
<p style="margin:0pt"><br></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><sup>1</sup> Includes contribution from the result of new energies</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><sup>2</sup> Non-recurring items described in the EBITDA calculation table &#8211; page 2</font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-size: 6pt; line-height: inherit;">&nbsp;</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Operational performance &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">The volume sold by </font><font style="font-size: 10pt; line-height: inherit;">Ultragaz</font><font style="font-size: 10pt; line-height: inherit;"> in 1Q25 increased </font><font style="font-size: 10pt; line-height: inherit;">by 1</font><font style="font-size: 10pt; line-height: inherit;">% compared to 1Q24, </font><font style="font-size: 10pt; line-height: inherit;">as a result of</font><font style="font-size: 10pt; line-height: inherit;"> a </font><font style="font-size: 10pt; line-height: inherit;">2</font><font style="font-size: 10pt; line-height: inherit;">% increase in the bottled </font><font style="font-size: 10pt; line-height: inherit;">segment</font><font style="font-size: 10pt; line-height: inherit;">, due to higher market demand, while sales of bulk </font><font style="font-size: 10pt; line-height: inherit;">segment</font> <font style="font-size: 10pt; line-height: inherit;">remained stable</font><font style="font-size: 10pt; line-height: inherit;">, due to</font><font style="font-size: 10pt; line-height: inherit;"> lower one-off consumption in the special gases segment.</font> <font style="font-size: 10pt; line-height: inherit;">Compared to 4Q24, sales volume was 7% lower, reflecting mainly the typical seasonality between the periods.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenues</font><font style="font-size: 10pt; line-height: inherit;"> &#8211; Total of R$ 2,863 million (+15% vs 1Q24), mainly due to the pass</font><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">through of increased costs and higher sales volume. Compared to 4Q24, net revenues decreased by 7%, due to lower sales volume.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost of goods sold &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Total of R$2,328 million (17% vs 1Q24), due to LPG cost increase, including the increasing impact of the higher cost of LPG acquired from auctions held by Petrobras and the higher sales volume. Compared to 4Q24, the unit cost of goods increased, mainly reflecting the effect of Petrobras auctions and the one-off effect of extraordinary tax credits and of the mark-to-market of energy futures contracts in 4Q24.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Selling, general and administrative expenses &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Total of R$ 248 million (+17% vs 1Q24), due to higher expenses with personnel (mainly reflecting business acquisitions and collective bargaining agreement), expenses for prospecting new business and new marketing campaign. Compared to 4Q24, SG&amp;A decreased by 9%, mainly due to lower expenses with personnel and lawsuits.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Other operating results &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Total of R$ 16 million, an improvement of R$ 11 million compared to 1Q24 and a worsening of R$ 30 million compared to 4Q24, mainly due to the earnout payable due to acquisition of Stella. </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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Total of R$ </font><font style="font-size: 10pt; line-height: inherit;">393</font><font style="font-size: 10pt; line-height: inherit;"> million (</font><font style="font-size: 10pt; line-height: inherit;">-2</font><font style="font-size: 10pt; line-height: inherit;">% vs 1Q24), due to worse margins resulting from the impact of higher LPG costs mentioned above, worse sales mix and higher expenses partially offset by </font><font style="font-size: 10pt; line-height: inherit;">the</font><font style="font-size: 10pt; line-height: inherit;"> contribution from new energies. Compared to 4Q24, Recurring Adjusted EBITDA decreased </font><font style="font-size: 10pt; line-height: inherit;">by 11</font><font style="font-size: 10pt; line-height: inherit;">%, mainly due to lower sales volume and worse margins, partially offset by lower expenses.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Investments</font><font style="font-size: 10pt; line-height: inherit;"> &#8211; R$ 86 million was invested this quarter, mainly directed towards capturing new customers in the bulk segment, the acquisition and replacement of bottles, and new energies, mainly in </font><font style="font-size: 10pt; line-height: inherit;">biomethane</font>&nbsp;<font style="font-size: 10pt; line-height: inherit;">segment.<br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; 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; line-height: inherit;" class="pageno"><font class='pageno'>74</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: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; 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; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>

















































</tr>





































































































</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 14.6667px; font-style: normal; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt; line-height: inherit; color: #00458c;">R$ million</font></b></font></p>
<table cellspacing="0" cellpadding="0" style="height: 148px; border-collapse: collapse; margin-left: 0px; 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: 36px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 12pt;"><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><br><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




























</td>
<td colspan="10" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #8d8b8c !important; border-right-color: #8d8b8c !important; border-left-color: #8d8b8c !important; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">Quarter</font></font></p>




















</td>



















</tr>
<tr style="height: 18px;">
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">25</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; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">24</font></font></p>




























</td>
<td colspan="3" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">4Q</font><font style="color: #ffffff; font-size: 10pt; 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: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25 x </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">4</font></font></p>




























</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25 x </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">4Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">24</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px; width: 50%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Installed capacity</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">&#185; </font><font style="color: #262626; font-size: 9pt; line-height: inherit;">(&#8216;000 m&#179;)</font></font></p>




























</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">1</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">067</font></font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">1</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">067</font></font></p>




























</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">1</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">067</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">0%</font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">0%</font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">m&#179; </font><font style="color: #262626; font-size: 10pt; line-height: inherit;">sold</font> <font style="color: #262626; font-size: 9pt; line-height: inherit;">(&#8216;000 m&#179;)</font></font></p>




























</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">4</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">024</font></font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">4</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">196</font></font></p>




























</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">4</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">283</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-4%</font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-6%</font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjusted </font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">EBITDA </font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">(R</font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">$ million)</font></font></p>




























</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<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;">166</font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<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;">165</font></p>




























</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<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 style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1%</font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-2%</font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Adjusted</font><font style="color: #262626; font-size: 10pt; line-height: inherit;"> EBITDA </font><font style="color: #262626; font-size: 10pt; line-height: inherit;">margin</font> <font style="color: #262626; font-size: 9pt; line-height: inherit;">(%)</font></font></font></p>




























</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">61%</font></font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63%</font></font></p>




























</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60%</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-1.4 pp</font></font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1.5 pp</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; font-family: 'times new roman', times;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times;">Adjusted EBITDA margin&nbsp;(R$/m&#179;&nbsp;capacity)</font></font></p>




























</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right; font-family: 'times new roman', times;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times;">52</font></font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right; font-family: 'times new roman', times;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times;">52</font></font></p>




























</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right; font-family: 'times new roman', times;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times;">53</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right; font-family: 'times new roman', times;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times;">1%</font></font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right; font-family: 'times new roman', times;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times;">-2%</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; height: 16px;"><font style="height: 16px;"><font>Adjusted LTM</font><font> EBITDA (R$ million)</font></font></p>




























</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<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;">669</font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<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;">654</font></p>




























</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<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 style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2%</font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">0%</font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: #8d8b8c !important; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt;"><font style="font-style: italic;"><font style="margin: 0pt;"><font style="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-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; color: #262626; line-height: inherit;">Adjusted LTM</font><font style="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-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; color: #262626; line-height: inherit;">&nbsp;EBITDA&nbsp;</font><font style="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-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; color: #262626; line-height: inherit;">margin</font><font style="font-family: 'times new roman', times; 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; color: #262626; font-size: 9pt; line-height: inherit;">&nbsp;(%)</font></font></font></p>




























</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: #8d8b8c !important; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62%</font></font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63%</font></font></p>




























</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: #8d8b8c !important; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62%</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-1,0 pp</font></font></p>




























</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: #8d8b8c !important; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-0,3 pp</font></font></p>




























</td>



















</tr>
















































</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 8pt;"><sup>1</sup> Monthly average</font><font style="font-size: 8pt;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 8pt;"><br></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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Operational performance -</font> <font style="font-size: 10pt; line-height: inherit;">The average installed capacity remained stable </font><font style="font-size: 10pt; line-height: inherit;">across</font><font style="font-size: 10pt; line-height: inherit;"> the </font><font style="font-size: 10pt; line-height: inherit;">periods</font><font style="font-size: 10pt; line-height: inherit;">. The m&#179; sold decreased by 4% compared to 1Q24, with lower fuel handling in Santos and </font><font style="font-size: 10pt; line-height: inherit;">Itaqui</font><font style="font-size: 10pt; line-height: inherit;"> partially offset by higher handling in </font><font style="font-size: 10pt; line-height: inherit;">Opla</font><font style="font-size: 10pt; line-height: inherit;"> and spot operation in </font><font style="font-size: 10pt; line-height: inherit;">Aratu</font><font style="font-size: 10pt; line-height: inherit;">. Compared to 4Q24, the m&#179; sold decreased by </font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">%, due to the lower fuel handling in Santos</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;"> and </font><font style="font-size: 10pt; line-height: inherit;">Opla</font><font style="font-size: 10pt; line-height: inherit;"> partially offset by higher spot handling in </font><font style="font-size: 10pt; line-height: inherit;">Aratu</font><font style="font-size: 10pt; line-height: inherit;">.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenues &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Total of R$ 271 million (3% vs 1Q24), due to higher spot sales in </font><font style="font-size: 10pt; line-height: inherit;">Aratu</font><font style="font-size: 10pt; line-height: inherit;"> and the start of own operations in </font><font style="font-size: 10pt; line-height: inherit;">Opla</font><font style="font-size: 10pt; font-style: italic; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> partially offset by lower fuel handling. Compared to 4Q24, net revenues decreased by 4%, mainly reflecting lower fuel revenues partially offset by higher spot sales in </font><font style="font-size: 10pt; line-height: inherit;">Aratu</font><font style="font-size: 10pt; line-height: inherit;">.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost of services provided &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Total of R$ 103 million (12% vs 1Q24), due to higher costs of materials and maintenance, and with the start of the company&#8217;s own operation in </font><font style="font-size: 10pt; line-height: inherit;">Opla</font><font style="font-size: 10pt; line-height: inherit;">. Compared to 4Q24, there was an increase of 2%.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Selling, general and administrative expenses -</font> <font style="font-size: 10pt; line-height: inherit;">Total of R$ 42 million (-8% vs 1Q24 and -19% vs 4Q24), mainly due to lower personnel expenses </font><font style="font-size: 10pt; line-height: inherit;">and expansion projects</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjusted EBITDA &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Total of R$ </font><font style="font-size: 10pt; line-height: inherit;">166 </font><font style="font-size: 10pt; line-height: inherit;">million </font><font style="font-size: 10pt; line-height: inherit;">(+1% vs 1Q24</font><font style="font-size: 10pt; line-height: inherit;">), mainly due to spot sales in </font><font style="font-size: 10pt; line-height: inherit;">Aratu</font><font style="font-size: 10pt; line-height: inherit;"> and lower expenses, partially offset by the lower m&#179; sold, with fuel handling. Compared to 4Q24, </font><font style="font-size: 10pt; line-height: inherit;">there was a 2% reduction mainly due to lower m&#179; sold, partially offset by lower expenses.</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; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Investments &#8211;</font>&nbsp;R$&nbsp;<font style="font-size: 10pt; line-height: inherit;">113 million was invested this quarter, primarily allocated to expansion projects at the </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;"> terminals and the </font><font style="font-size: 10pt; line-height: inherit;">Opla</font><font style="font-size: 10pt; line-height: inherit;"> railway branch.</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'>75</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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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>
















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</table>
<p style="font-size: 9pt; line-height: 1.2; margin: 0px; text-indent: 0px;">&nbsp;</p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'times new roman', times;"><b style="color: #000000; font-size: 14.6667px; font-style: normal; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt; line-height: inherit; color: #00458c;">R$ million</font></b></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; height: 232px; 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: 36px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">U</font><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">LTRAPAR</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;">Indebtedness</font></font></p>




























</td>
<td colspan="3" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #8d8b8c !important; border-right-color: #8d8b8c !important; border-left-color: #8d8b8c !important; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Quarter</font></p>




























</td>



















</tr>
<tr style="height: 18px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">5</font></font></p>




























</td>
<td 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; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">4</font></font></p>




























</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">4Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">24</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; width: 70%; height: 16px;">
<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; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">994</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">607</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><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;">032</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<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; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(13</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">556)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(12</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">958)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(14</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">302)</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; height: 16px;">
<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; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">482)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">472)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">485)</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<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; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">(</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">9</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">044</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">(7</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">823)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: #00458c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">(7</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">756)</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<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&#185;</font></p>




























</td>
<td style="background-color: #dae9f8; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">.</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">7x</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">.</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">3x</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: #00458c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">.</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">4x</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-left-color: #8d8b8c !important; height: 16px;">
<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; border-top-width: 1px; border-top-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">167)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">304)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">015)</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<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; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(151)</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">(278)</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;">
<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>



















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Receivables from divestments (</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">Oxiteno</font><font style="color: #262626; font-size: 10pt; line-height: inherit;"> and </font><font style="color: #262626; font-size: 10pt; line-height: inherit;">Extrafarma</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; height: 10px;">
<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: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">964</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important; height: 10px;">
<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: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<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; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">(10</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">362)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">(8</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">441)</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: #00458c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">(8</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">950)</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average gross debt duration </font><font style="color: #262626; font-size: 9pt; line-height: inherit;">(years)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">3</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">5</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">2</font></font></p>




























</td>



















</tr>
<tr style="height: 16px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 26px;">
<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; border-top-width: 1px; border-top-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #00458c !important; border-left-color: #8d8b8c !important; height: 16px;">
<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; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; height: 16px;">
<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;">109% DI</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #00458c !important; border-right-color: #00458c !important; height: 16px;">
<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>



















</tr>
<tr style="height: 10px;">
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">DI + 1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">.</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">3%</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">DI + 0</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">.</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">9%</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #00458c !important; border-right-color: #00458c !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">DI + 1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">.</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1%</font></font></p>




























</td>



















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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average</font><font style="color: #262626; font-size: 10pt; line-height: inherit;"> cash </font><font style="color: #262626; font-size: 10pt; line-height: inherit;">yield</font> <font style="color: #262626; font-size: 9pt; line-height: inherit;">(% DI)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100%</font></p>




























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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">97%</font></p>




























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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98%</font></p>




























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<p style="font-size: 9pt; line-height: 1.2; margin: 8pt 0pt 0pt; text-align: left; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-size: 8pt;"><sup>1</sup></font> <font style="font-size: 8pt;">LTM Adjusted EBITDA does not include closing adjustments from the sale of Extrafarma and extraordinary tax credits</font></font><br></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0px; text-align: left; text-indent: 0px;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar</font><font style="font-size: 10pt; line-height: inherit;"> ended 1Q25 with a net debt of R$ 9 billion (1.7x Adjusted LTM EBITDA), compared to R$ 7.8 billion in December 2024 (1.4x Adjusted LTM EBITDA). The increase in net debt is mainly due to the payment of dividends and share buybacks, totaling R$ 584 million, and investment in working capital, resulting from the higher </font><font style="font-size: 10pt; line-height: inherit;">working capital</font> <font style="font-size: 10pt; line-height: inherit;">level at Ipiranga (driven by increases in fuel costs) and the seasonal effect of </font><font style="font-size: 10pt; line-height: inherit;">suppliers</font> <font style="font-size: 10pt; line-height: inherit;">at</font> <font style="font-size: 10pt; line-height: inherit;">the beginning of the year. The increase in financial leverage is mainly due to the increase in net debt</font></font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br></p>
<p style="font-size: 12pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><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: 0px; text-indent: 0px;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><img src="imgde2696ee804b453c8273.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></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'>76</font></font></td>



















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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>
















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<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Updates on ESG themes</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">Ultrapar</font><font style="line-height: inherit;"> released its </font><font style="font-weight: bold; line-height: inherit;">2024 Sustainability Report</font><font style="line-height: inherit;"> in March 2025, reaffirming </font><font style="line-height: inherit;">the commitment</font><font style="line-height: inherit;"> and transparency with the appropriate governance of the subject. The document details the progress in governance, operations and socio-environmental impact, in addition to advances in the ESG 2030 plan over the last year. To access the report, </font><font style="color: #0000ff; text-decoration: underline; line-height: inherit;">click here</font><font style="line-height: inherit;">.</font></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; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">In addition, for the second consecutive year </font><font style="line-height: inherit;">Ultrapar</font><font style="line-height: inherit;"> joined the portfolio of </font><font style="font-weight: bold; line-height: inherit;">Corporate Sustainability Index (ISE)</font><font style="line-height: inherit;"> of B3, standing out for its practices in governance and corporate sustainability. This recognition reflects the company&#8217;s progress in sustainability, including the implementation of the ESG 2030 plan.</font></font><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: 6pt 0pt; text-align: justify;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business Update</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; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">In January 2025, </font><font style="font-weight: bold; line-height: inherit;">Ultracargo</font><font style="line-height: inherit;"> joined the </font><font style="font-weight: bold; line-height: inherit;">Sustainability Pact</font><font style="line-height: inherit;">, a pioneering initiative led by the Ministry of Ports and Airports with the support of </font><font style="line-height: inherit;">Moveinfra</font><font style="line-height: inherit;">, an association of which </font><font style="line-height: inherit;">Ultracargo</font><font style="line-height: inherit;"> is one of the founding companies. This strengthens our role as protagonists in the development of sustainable infrastructure and reaffirms our commitment to the environment, the valuing of people and the best practices in management and transparency.</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">In April 2025, </font><font style="font-weight: bold; line-height: inherit;">Ipiranga</font><font style="line-height: inherit;"> published its </font><font style="font-weight: bold; line-height: inherit;">2024 Sustainability Report</font><font style="line-height: inherit;">, bringing together the main business results and progress on ESG goals. To access the report, </font><font style="color: #0000ff; text-decoration: underline; line-height: inherit;">click here</font>&nbsp;(Portuguese only)<font style="line-height: inherit;">.</font></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; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">During the quarter, </font><font style="font-weight: bold; line-height: inherit;">Ultragaz</font><font style="line-height: inherit;"> launched the &#8220;</font><font style="font-style: italic; line-height: inherit;">T&#225;</font> <font style="font-style: italic; line-height: inherit;">Ligado</font><font style="line-height: inherit;">&#8221; campaign to reinforce its role in the energy transition, highlighting biomethane and renewable electric energy.</font></font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">ULTRAPAR</font> <font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8211;</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="color: #ffffff; font-size: 10pt; font-weight: bold; line-height: inherit;">Capital Markets</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: 10pt; line-height: inherit;">Quarter</font></p>




























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<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: #8d8b8c !important; border-bottom-color: #8d8b8c !important; border-left-color: #8d8b8c !important; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">5</font></font></p>




























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">4</font></font></p>




























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">4Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">24</font></font></p>




























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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px; width: 70%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Final number of shares </font><font style="color: #00458c; font-size: 9pt; 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; 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; height: 16px; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">115</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">507</font></font></p>




























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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">115</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">404</font></font></p>




























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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: #00458c !important; height: 16px; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">115</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">440</font></font></p>




























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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Market cap</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">&#185; </font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">(R$ </font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">million</font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">)</font></font></p>




























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">9,086</font></font></p>




























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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;">31</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">756</font></font></p>




























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">17</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">713</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;">B3</font></p>




























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<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;"><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; 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="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average daily trading </font><font style="color: #262626; font-size: 10pt; line-height: inherit;">volume </font><font style="color: #262626; font-size: 9pt; line-height: inherit;">(</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">&#8216;</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">000</font><font style="color: #262626; font-size: 9pt; line-height: inherit;"> shares)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">688</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">5</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">366</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">898</font></font></p>




























</td>

















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average daily financial volume </font><font style="color: #262626; font-size: 9pt; 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; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">111</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">021</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">153</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">270</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">111</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">271</font></font></p>




























</td>

















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average share price </font><font style="color: #262626; font-size: 9pt; 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; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">16</font><font style="font-size: 10pt; line-height: inherit;">.60</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28.56</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;">
<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>

















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<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; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; 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: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; 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>

















</tr>
<tr style="height: 17px;">
<td style="color: #262626; font-size: 10pt; line-height: inherit; height: 17px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="color: #262626; font-size: 10pt; line-height: inherit; margin: 0pt 0pt 0pt 20pt; text-indent: 0pt;"><font style="color: #262626; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Quantity of ADRs<font style="font-size: 8pt;"><sup>2</sup></font>&nbsp;</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">(</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">&#8216;000</font><font style="color: #262626; font-size: 10pt; line-height: inherit;"> ADRs)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 17px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">66</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">273</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">56</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">388</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; height: 17px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">65</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">758</font></font></p>




























</td>

















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average daily trading </font><font style="color: #262626; font-size: 10pt; line-height: inherit;">volume </font><font style="color: #262626; font-size: 9pt; line-height: inherit;">(</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">&#8216;</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">000</font><font style="color: #262626; font-size: 9pt; line-height: inherit;"> ADRs)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">694</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">1</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">443</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">2</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">159</font></font></p>




























</td>

















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average daily financial volume </font><font style="color: #262626; font-size: 9pt; 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; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,961</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">8</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">361</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">953</font></font></p>




























</td>

















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average share </font><font style="color: #262626; font-size: 9pt; 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; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">2</font><font style="font-size: 10pt; line-height: inherit;">.93</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.79</font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;">
<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>

















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; 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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; 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: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; 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>

















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average daily trading </font><font style="color: #262626; font-size: 10pt; line-height: inherit;">volume </font><font style="color: #262626; font-size: 9pt; line-height: inherit;">(</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">&#8216;</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">000</font><font style="color: #262626; font-size: 9pt; line-height: inherit;"> shares)</font></font></p>




























</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">8</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">382</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">6</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">809</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">8</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">057</font></font></p>




























</td>

















</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average daily financial volume </font><font style="color: #262626; font-size: 9pt; 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; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #8c8b8d !important; border-left-color: #8d8b8c !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">139</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">841</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8c8b8d !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">194</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">694</font></font></p>




























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">151</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">999</font></font></p>




























</td>

















</tr>














































</table>
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><sup><br></sup></font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><sup>1</sup></font> <font style="font-size: 8pt;">Calculated on the closing share price for the period</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><sup>2</sup></font> <font style="font-size: 8pt;">1 ADR = 1 common share</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 8pt;">&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>
















</tr>

































</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
















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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>
















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<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; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">&nbsp;</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; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>The average daily trading volume of </font><font>Ultrapar</font><font>, considering trades on B3 and NYSE, was R$ 140 million/day in 1Q25 (-28% vs 1Q24).
















<font lang="EN-US">Ultrapar&#8217;s shares
ended 1Q25 priced at R$ 17.11 on B3, an appreciation of 8% in the quarter, in
line with the Ibovespa stock index. On the NYSE, Ultrapar&#8217;s shares appreciated
by 17%, while the Dow Jones index depreciated by 1% in the quarter.</font>


</font><font>&nbsp;</font><font>Ultrapar</font> <font>ended</font></font><font style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> 1Q25 with a market cap of R$ 19.1 billio</font>n.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><img src="imgcaf2079551824a649663.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: center;"><br></p>
<p style="font-size: 9.5pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><font style="color: #3cbfbe; font-size: 10pt; font-weight: bold; text-align: justify; line-height: inherit;">1Q25 Conference call</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; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">Ultrapar</font><font style="line-height: inherit;"> will host a conference call with analysts and investors on May 8, 2025, to comment on the Company&#8217;s performance in the first quarter of </font><font style="color: #262626; line-height: inherit;">2025 and its outlook. The </font><font style="line-height: inherit;">presentation will be available </font><font style="line-height: inherit;">for</font><font style="line-height: inherit;"> download on the Company&#8217;s website 30 minutes prior to the start. </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; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">The conference call will be broadcast via zoom and conducted in Portuguese with simultaneous translation into English. Please </font><font style="line-height: inherit;">connect</font><font style="line-height: inherit;"> 10 minutes in advance.</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; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;"><br></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;">Conference call in Portuguese with simultaneous translation into English</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;">Time: 11:00 (BRT) / 10:00 (EDT)</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="color: #051373; 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="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Access link via </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">Zoom</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">Participants </font><font style="line-height: inherit;">in</font><font style="line-height: inherit;"> Bra</font><font style="line-height: inherit;">z</font><font style="line-height: inherit;">il</font> <font style="line-height: inherit;">and</font><font style="line-height: inherit;"> interna</font><font style="line-height: inherit;">t</font><font style="line-height: inherit;">iona</font><font style="line-height: inherit;">l</font><font style="line-height: inherit;">:</font> <font style="color: #0000ff; text-decoration: underline; line-height: inherit;">Click here</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>78</font></font></td>
















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<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 27px; border-collapse: collapse; font-family: 'times new roman';">

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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>

















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<p style="font-size: 10pt; line-height: 1.2;">&nbsp;</p>
<p align="right" style="text-align: right; margin: 0cm 0cm 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><b><font lang="EN-US" style="font-size: 10.0pt; line-height: 107%; font-family: 'Aptos',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #00458c; mso-font-kerning: 0pt; mso-ligatures: none;">R$ million</font></b></p>



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<table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; width: 100%; margin-left: 0.1px; height: 1077.8px; font-family: 'times new roman'; font-size: 10pt;">





<tr style="height: 0px;">
<td rowspan="2" height="46" style="height: 20.7969px; 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; border-top: 1pt solid #00458c; border-bottom: 1pt solid #00458c; border-left: 1pt solid #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">ULTRAPAR &#8211; Balance sheet</font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-size: 12pt; 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: 20.7969px; border-top: 1pt solid #969696; border-left: 1pt solid #969696; border-bottom: 1pt solid #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>Mar 25<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-size: 12pt; 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: 20.7969px; border-top: 1pt solid #969696; border-bottom: 1pt solid #969696; border-left: 1pt solid #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>Mar 24</font></td>
<td rowspan="2" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #ffffff; font-size: 12pt; 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: 20.7969px; border: 1pt solid #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>Dec 24</font></td>




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<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;"></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: Calibri, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><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: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><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: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




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<tr style="height: 10px;">
<td height="21" 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: middle; white-space: nowrap; width: 70%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">ASSETS</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: middle; white-space: nowrap; text-align: center; background: #d9e5f1; height: 10px; width: 10%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><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: #000000; 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; width: 10%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><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: #000000; 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; width: 10%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash and cash equivalents</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,436</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3,748</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,072</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Financial investments and
  derivative financial instruments</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,301</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">309</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,553</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Trade receivables and
  reseller financing</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4,065</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4,207</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4,052</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Trade receivables - sale of
  subsidiaries</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">964</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Inventories</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4,135</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4,372</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3,917</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Recoverable taxes</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,130</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,688</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,192</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Energy trading futures
  contracts</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">349</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">141</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Prepaid expenses</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">202</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">185</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">164</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Contractual assets with
  customers - exclusive rights</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">646</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">779</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">659</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">309</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">323</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">298</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; 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; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total current Assets</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">14,574</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">16,575</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">16,048</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Financial investments and
  hedge derivative financial instruments</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3,256</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,550</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3,407</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Trade receivables and
  reseller financing</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">741</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">599</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">793</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred income and social
  contribution taxes</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">869</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,155</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">937</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Recoverable taxes</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,763</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,548</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,996</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Energy trading futures
  contracts</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">382</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">263</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Escrow deposits<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">402</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,035</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">446</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Prepaid expenses</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">43</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">53</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">41</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Contractual assets with
  customers - exclusive rights</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,456</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,437</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,473</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Related Parties</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">52</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">41</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">48</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other receivables</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">224</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">265</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">241</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Investments in subsidiaries,
  joint ventures and associates</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,025</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">316</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,149</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Right-of-use assets</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,644</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,672</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,671</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-size: 12pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Property, plant and equipment</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">7,251</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6,495</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">7,136</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Intangible assets</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,074</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,872</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,908</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; 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; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total non-current assets</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">23,180</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">20,039</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">23,510</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 1pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><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: #000000; font-size: 11pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 16px;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 1pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; 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; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total assets</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">37,755</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">36,613</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">39,558</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 1pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><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: #000000; font-size: 11pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 15px;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 1pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: middle; white-space: nowrap; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; 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: middle; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">LIABILITIES</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><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: #000000; font-size: 11pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 15px;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Trade payables</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,367</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3,078</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3,518</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Trade payables - reverse
  factoring</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,167</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,304</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,015</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Loans, financing and
  derivative financial instruments</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,866</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2,831</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3,175</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Debentures</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">716</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">942</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">378</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Salaries and related charges</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">371</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">349</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">480</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Taxes payable</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">329</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">251</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">473</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Leases payable</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">319</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">314</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">316</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Energy trading futures
  contracts</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">285</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">67</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Financial liabilities of
  customers (vendor)</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">102</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">148</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">117</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Provision for decarbonization
  credits</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">96</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Dividends payable</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">48</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">31</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">327</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other payables</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">633</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">633</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">626</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; 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; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total current liabilities</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">8,299</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">9,881</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">10,493</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Loans, financing and
  derivative financial instruments</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6,502</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">5,002</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6,393</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Debentures</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4,471</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4,183</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4,356</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Energy trading futures
  contracts</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">147</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">48</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Provision for tax, civil and
  labor risks</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">602</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,241</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">611</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Post-employment benefits</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">203</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">247</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">199</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Leases payable</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,163</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,158</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1,169</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Financial liabilities of
  customers (vendor)</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">49</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">130</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">63</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Related Parties</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">3</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other payables</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">423</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">393</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">399</font></td>




 </tr>
<tr style="height: 10px;">
<td height="22" 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; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total non-current liabilities</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">13,565</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">12,356</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">13,241</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 1pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 16px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><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: #000000; font-size: 11pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 16px;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 1pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: middle; white-space: nowrap; height: 16px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; 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; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total liabilities</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">21,864</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">22,237</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">23,734</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; 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: middle; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">EQUITY</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><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: #000000; font-size: 11pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 15px;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Share capital</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6,622</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6,622</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6,622</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Reserves</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">8,604</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6,997</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">8,603</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Treasury shares</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-711</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-470</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-596</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Others</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">681</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">680</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">531</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Non-controlling interests in
  subsidiaries</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">695</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">548</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">665</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; 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; border-bottom: 1pt solid #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total equity</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-bottom: 1pt solid #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">15,890</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom: 1pt solid #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">14,376</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom: 1pt solid #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">15,823</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 1pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: middle; white-space: nowrap; background: #d9e5f1; height: 16px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><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: #000000; font-size: 11pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 16px;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 1pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: middle; white-space: nowrap; height: 16px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; 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; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total liabilities and equity</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">37,755</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">36,613</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">39,558</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash and cash equivalents</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">5,994</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">6,607</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">8,032</font></td>




 </tr>
<tr style="height: 15px;">
<td height="21" style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross debt</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-13,556</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-12,958</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-14,302</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; padding-top: 1px; padding-right: 1px; padding-left: 12px; color: #000000; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Leases payable</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-1,482</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-1,472</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-1,485</font></td>




 </tr>
<tr style="height: 16px;">
<td height="22" style="height: 16px; 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; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net debt</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; background: #d9e5f1; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-9,044</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-7,823</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 8pt; font-weight: bold; font-style: italic; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-7,756</font></td>




 </tr>









</table>







</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">







<font style="font-size: 10pt;">



<font style="font-family: Inter; text-align: center;">&nbsp;</font><font style="font-family: Inter; text-align: center;">&nbsp;</font></font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; 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'>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>













</div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 27px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>









</tr>



















</table>









</div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p align="right" style="text-align: right; margin: 0cm 0cm 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><b><font lang="EN-US" style="font-size: 10.0pt; line-height: 107%; font-family: 'Aptos',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #00458c; mso-font-kerning: 0pt; mso-ligatures: none;"><br>R$ million</font></b></p>










</div>
<div style="font-family: 'times new roman', times; line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; height: 611px; width: 100%;" width="100%">

<tr style="height: 18px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 28px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; border-left: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">ULTRAPAR </font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">&#8211;</font> <font style="color: #ffffff; font-weight: bold; line-height: inherit;">Income statement</font></font></p>

















</td>
<td colspan="3" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 18px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #969696 !important; border-right-color: #969696 !important; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Quarter</font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="background-color: #969696; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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: #969696 !important; border-bottom-color: #969696 !important; border-left-color: #969696 !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: #ffffff; line-height: inherit;">1Q</font><font style="color: #ffffff; line-height: inherit;">25 </font></font></p>

















</td>
<td style="background-color: #969696; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #969696 !important; border-bottom-color: #969696 !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: #ffffff; line-height: inherit;">1Q</font><font style="color: #ffffff; line-height: inherit;">24 </font></font></p>

















</td>
<td style="background-color: #969696; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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: #969696 !important; border-bottom-color: #969696 !important; border-right-color: #969696 !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: #ffffff; line-height: inherit;">4Q</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;"><br></td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !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: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<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: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 70%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net revenues from sales and services</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #151513; line-height: inherit;">33</font><font style="color: #151513; line-height: inherit;">,</font><font style="color: #151513; line-height: inherit;">329</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #151513; line-height: inherit;">30</font><font style="color: #151513; line-height: inherit;">,</font><font style="color: #151513; line-height: inherit;">396</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #151513; line-height: inherit;">35</font><font style="color: #151513; line-height: inherit;">,</font><font style="color: #151513; line-height: inherit;">401</font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost of products sold and services provided</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !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: #151513; line-height: inherit;">(31</font><font style="color: #151513; line-height: inherit;">,</font><font style="color: #151513; line-height: inherit;">188)</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;"><font style="color: #151513; line-height: inherit;">(28</font><font style="color: #151513; line-height: inherit;">,</font><font style="color: #151513; line-height: inherit;">335)</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !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: #151513; line-height: inherit;">(32</font><font style="color: #151513; line-height: inherit;">,</font><font style="color: #151513; line-height: inherit;">166)</font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 17px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #003366 !important;">
<p style="margin: 0pt;"><font style="color: #003366; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Gross profit</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #969696 !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;">142</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #003366 !important; border-bottom-color: #003366 !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;">061</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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: #003366 !important; border-bottom-color: #003366 !important; border-right-color: #969696 !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;">236</font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; 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;">Operating revenues (expenses)</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !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;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Selling and marketing</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(602)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">(569)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(615)</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">General and administrative</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(518)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">(441)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<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>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Results from disposal of assets</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">37</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">66</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other operating income (expenses), net</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(87)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">(138)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(77)</font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #003366 !important;">
<p style="margin: 0pt;"><font style="color: #003366; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating income</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #969696 !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;">941</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #003366 !important; border-bottom-color: #003366 !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;">950</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-right-color: #969696 !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;">113</font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; 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;">Financial result, net</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !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: 3.5pt; padding-right: 3.5pt; 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial income</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<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: 3.5pt; padding-right: 3.5pt; 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;">160</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">219</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial expenses</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(357)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">(443)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(555)</font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total share of profit (loss) of subsidiaries, joint ventures and associates</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #333333; 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: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #333333; 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: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #333333; 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: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><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="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(149)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">(3)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(120)</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Amortization of fair value adjustments on associates acquisition</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(0)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">-</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(0)</font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #003366 !important;">
<p style="margin: 0pt;"><font style="color: #003366; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income before income and social contribution taxes</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #969696 !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;">611</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #003366 !important; border-bottom-color: #003366 !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;">665</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-right-color: #969696 !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;">657</font></font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income and social contribution taxes</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !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: 3.5pt; padding-right: 3.5pt; 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;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !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: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Current</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(164)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">(88)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(364)</font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Deferred</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(83)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(121)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(412)</font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #003366 !important;">
<p style="margin: 0pt;"><font style="color: #003366; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net income</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #969696 !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;">363</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #003366 !important; border-bottom-color: #003366 !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;">455</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-right-color: #969696 !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>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 17px;">
<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;">Net income </font><font style="font-weight: bold; line-height: inherit;">attributable</font> <font style="font-weight: bold; line-height: inherit;">to:</font><font style="font-weight: bold; line-height: inherit;">:</font></font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !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: 3.5pt; padding-right: 3.5pt; 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !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: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; Shareholders of Ultrapar</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">333</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">431</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">842</font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; Non-controlling interests in subsidiaries</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 17px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #003366 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #003366; font-weight: bold; line-height: inherit;">Adjusted </font><font style="color: #003366; font-weight: bold; line-height: inherit;">EBITDA</font></font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #969696 !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;">188</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #003366 !important; border-bottom-color: #003366 !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;">358</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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: #003366 !important; border-bottom-color: #003366 !important; border-right-color: #969696 !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>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-recurring<font style="font-size: 8pt;"><sup>1</sup></font></font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">(52)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,096)</font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #003366 !important;">
<p style="margin: 0pt;"><font style="color: #003366; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-left-color: #969696 !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;">183</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #003366 !important; border-bottom-color: #003366 !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;">306</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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: #003366 !important; border-bottom-color: #003366 !important; border-right-color: #969696 !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>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="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: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">406</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">410</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">452</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total investmets&#179;</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<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: 3.5pt; padding-right: 3.5pt; 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;">438</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">776</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">MTM of energy futures contracts </font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">-</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(64)</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; 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;">RATIOS</font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !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: 3.5pt; padding-right: 3.5pt; 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !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: 17px;">
<td style="padding: 0px 8px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Earnings per share (R$)</font></font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">0</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">30</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">0</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">39</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">0</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">76</font></font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net debt / Adjusted LTM EBITDA4</font></font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">7x</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">3x</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">4x</font></font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gross margin (%)</font></font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">6</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">4%</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">6</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">8%</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">9</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">1%</font></font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operating margin (%)</font></font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">2</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">8%</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">3</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">1%</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">6</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">0%</font></font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Adjusted EBITDA margin (%)</font></font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">3</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">6%</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">4</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">5%</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">6</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">7%</font></font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recurring Adjusted EBITDA margin (%)</font></font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">3</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">5%</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">4</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">3%</font></font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">3</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">6%</font></font></font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Number of employees</font></font></p>

















</td>
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #969696 !important; border-left-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,999</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,988</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #969696 !important; border-right-color: #969696 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,561</font></font></p>

















</td>















</tr>

































</table>
<p style="font-size: 7pt; line-height: 108%; margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#185;  <font style="font-size: 8pt;">Non-recurring items described in the EBITDA calculation table &#8211; page 2</font></font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#178; <font style="font-size: 8pt;">Includes amortization with contractual assets with customers &#8211; exclusive rights</font></font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#179; <font style="font-size: 8pt;">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&nbsp; </font></font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 11.1111px;"><font style="font-size: 8pt;"><sup>4</sup></font>&nbsp;</font><font style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">Adjusted LTM EBITDA does not include closing adjustments from the sale of Extrafarma and extraordinary tax credits</font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<p style="font-size: 8pt; line-height: 1.2; 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'>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="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: center;"><br></p>



</div>
<div style="font-family: 'times new roman', times; line-height: 1.2;">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; width: 100%; margin: 0px; height: 1112px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">





<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="height: 10px; width: 78.4012%; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td width="126" style="width: 10.761%; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #00458c; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px;"></td>
<td width="126" style="width: 10.761%; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: windowtext; font-size: 11pt; font-weight: 400; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; text-align: right;"><b style="color: #000000; font-family: Calibri, sans-serif; font-size: 14.6667px; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; font-family: Aptos, sans-serif; color: #00458c;">R$ million</font></b></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td rowspan="2" height="66" width="918" style="height: 20px; width: 78.4012%; padding: 0px; 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: center; background: #00458c; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196; border-left-width: 1pt; border-left-style: solid; border-left-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>ULTRAPAR - Cash
  flows<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td colspan="2" style="padding: 0px; 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; height: 10px; width: 21.5219%; border-left: 1pt solid #969696; border-top-width: 1pt; border-top-style: solid; border-top-color: #969696; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>Quarter<font style="mso-spacerun: yes;">&nbsp;</font></font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="33" style="height: 10px; padding: 0px; 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: #8d8b8c; width: 10.761%; border: 1pt solid #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>1Q25<font style="mso-spacerun: yes;">&nbsp;</font></font></td>
<td style="padding: 0px; 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: #8d8b8c; height: 10px; width: 10.761%; border-top-width: 1pt; border-top-style: solid; border-top-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #969696; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">1Q24</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="12" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #404040; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><br></td>
<td style="padding: 0px; color: #1f497d; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #1f497d; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="43" width="918" style="width: 78.4012%; padding: 0px; color: windowtext; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; margin-left: 0.1px; height: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">CASH
  FLOWS FROM OPERATING ACTIVITIES</font></td>
<td style="padding: 0px; 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: left; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; 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: left; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="37" width="918" style="width: 78.4012%; padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin: 0px; height: 10px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196; border-left-width: 1pt; border-left-style: solid; border-left-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net
  income</font></td>
<td style="padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin: 0px; height: 10px; text-indent: 0px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">363 </font></td>
<td style="padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin: 0px; height: 10px; text-indent: 0px; border-bottom: 1pt solid #003196; border-top: 1pt solid #003196; border-right-width: 1pt; border-right-style: solid; border-right-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">455
  </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="width: 78.4012%; padding: 0px; color: windowtext; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; margin-left: 0.1px; height: 10px;"><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: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="56" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><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: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">149 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>3 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Amortization
  of contractual assets with customers - exclusivity rights</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">105 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">133 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Amortization
  of right-of-use assets</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>78 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>71 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Depreciation
  and amortization</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">226 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">209 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest,
  monetary variations and foreign exchange variations</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">231 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">386 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Current
  and deferred income and social contribution taxes</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">248 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">209 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="56" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><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: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(16)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(72)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Equity
  instrument granted</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>15 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>10 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gain
  (loss) on the fair value of energy contracts</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;
  </font>(9)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>-<font style="mso-spacerun: yes;">&nbsp;</font></font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Provision
  for decarbonization - CBios</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">116 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">183 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; margin-left: 0.1px; height: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other
  provisions and adjustments</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>3 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; width: 10.761%; margin-left: 0.1px; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>51 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="7" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="73" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196; border-left-width: 1pt; border-left-style: solid; border-left-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash
  flows from operating activities before changes in working capital</font></td>
<td style="padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1,511 </font></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-bottom: 1pt solid #003196; border-top: 1pt solid #003196; border-right-width: 1pt; border-right-style: solid; border-right-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1,639 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="7" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: windowtext; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(Increase)
  decrease in assets</font></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #051273; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Trade
  receivables and reseller financing</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>21 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">177 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Inventories</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(216)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(77)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Recoverable
  taxes</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">295 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">364 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Dividends
  received from subsidiaries, associates and joint ventures</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>1 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>1 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other
  assets</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(17)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(138)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="7" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: windowtext; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Increase
  (decrease) in liabilities</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #051273; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Trade
  payables and trade payables - reverse factoring</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(998)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(1,340)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Salaries
  and related charges</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(110)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(146)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Taxes
  payable</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>17 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;
  </font>(4)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income
  and social contribution taxes payable</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(305)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(450)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other
  liabilities</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>50 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(42)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 5px;">
<td height="7" width="918" style="height: 5px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Acquisition
  of CBios and carbon credits</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(153)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(338)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payments
  of contractual assets with customers - exclusivity rights</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(58)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(92)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payment
  of contingencies</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;
  </font>(9)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(31)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income
  and social contribution taxes paid</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(25)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(103)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="7" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 11px;">
<td height="73" width="918" style="height: 11px; width: 78.4012%; padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196; border-left-width: 1pt; border-left-style: solid; border-left-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net
  cash provided (consumed) by operating activities</font></td>
<td style="padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 11px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>3 </font></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 11px; width: 10.761%; border-bottom: 1pt solid #003196; border-top: 1pt solid #003196; border-right-width: 1pt; border-right-style: solid; border-right-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(580)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 5px;">
<td height="7" width="918" style="height: 5px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: windowtext; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">CASH
  FLOWS FROM INVESTING ACTIVITIES</font></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #051273; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Financial
  investments, net of redemptions</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1,244 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(1,547)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Acquisition
  of property, plant and equipment and intangible assets</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(382)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(326)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><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: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>14 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>89 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net cash
  consumed by subsidiaries acquisition</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(50)</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;
  </font>-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 5px;">
<td height="7" width="918" style="height: 5px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="73" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196; border-left-width: 1pt; border-left-style: solid; border-left-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net
  cash provided (consumed) by operating activities</font></td>
<td style="padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">827 </font></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-bottom: 1pt solid #003196; border-top: 1pt solid #003196; border-right-width: 1pt; border-right-style: solid; border-right-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(1,784)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 5px;">
<td height="7" width="918" style="height: 5px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: windowtext; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">CASH
  FLOWS FROM FINANCING ACTIVITIES</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #051273; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Loans,
  financing and debentures</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1,682 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1,349 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Repayments</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(2,077)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(137)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest
  and derivatives (paid) or received</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(337)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(427)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-size: 16pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payments
  of lease</font></td>
<td style="padding: 0px; color: windowtext; font-size: 16pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(87)</font></td>
<td style="padding: 0px; color: #262626; font-size: 16pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;
  </font>-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Principal</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(54)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(72)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest
  paid</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(33)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(48)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Dividends
  paid</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(488)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(438)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payments
  of financial liabilities of customers</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(35)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(41)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Repurchase
  of treasury shares</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(97)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;
  </font>-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Related
  parties</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;
  </font>(3)</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;
  </font>(8)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="7" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td height="73" width="918" style="height: 17px; width: 78.4012%; padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196; border-left-width: 1pt; border-left-style: solid; border-left-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net
  cash provided (consumed) by financing activities</font></td>
<td style="padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 17px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(1,442)</font></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 17px; width: 10.761%; border-bottom: 1pt solid #003196; border-top: 1pt solid #003196; border-right-width: 1pt; border-right-style: solid; border-right-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">179 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="7" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196; border-left-width: 1pt; border-left-style: solid; border-left-color: #003196;"><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: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(23)</font></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-bottom: 1pt solid #003196; border-top: 1pt solid #003196; border-right-width: 1pt; border-right-style: solid; border-right-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>7 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="7" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="73" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196; border-left-width: 1pt; border-left-style: solid; border-left-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Increase
  (decrease) in cash and cash equivalents</font></td>
<td style="padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(636)</font></td>
<td style="padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-bottom: 1pt solid #003196; border-top: 1pt solid #003196; border-right-width: 1pt; border-right-style: solid; border-right-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(2,178)</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 5px;">
<td height="7" width="918" style="height: 5px; width: 78.4012%; padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 12px;">
<td height="73" width="918" style="height: 12px; width: 78.4012%; padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196; border-left-width: 1pt; border-left-style: solid; border-left-color: #003196;"><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: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 12px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>2,072 </font></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 12px; width: 10.761%; border-bottom: 1pt solid #003196; border-top: 1pt solid #003196; border-right-width: 1pt; border-right-style: solid; border-right-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>5,926 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="7" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="73" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196; border-left-width: 1pt; border-left-style: solid; border-left-color: #003196;"><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: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #003196; border-top-width: 1pt; border-top-style: solid; border-top-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1,436 </font></td>
<td style="padding: 0px; color: #00458c; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-bottom: 1pt solid #003196; border-top: 1pt solid #003196; border-right-width: 1pt; border-right-style: solid; border-right-color: #003196;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>3,748 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 5px;">
<td height="7" width="918" style="height: 5px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal; text-align: left;"></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 5px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: windowtext; font-weight: bold; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Non-cash
  transactions:</font></td>
<td style="padding: 0px; color: #00458c; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>
<td style="padding: 0px; color: #051273; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Addition
  on right-of-use assets and leases payable</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>77 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>68 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Addition
  on contractual assets with customers - exclusivity rights</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>17 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>16 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 21px;">
<td height="28" width="918" style="height: 21px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Transfer
  between trade receivables and other assets accounts</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;
  </font>-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 21px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>4 </font></td>




 </tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td height="28" width="918" style="height: 10px; width: 78.4012%; padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Share
  buyback</font></td>
<td style="padding: 0px; color: windowtext; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-left-width: 1pt; border-left-style: solid; border-left-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;
  </font>17 </font></td>
<td style="padding: 0px; color: #262626; font-weight: 400; font-style: normal; text-decoration: none; font-family: Aptos, sans-serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 10px; width: 10.761%; border-right-width: 1pt; border-right-style: solid; border-right-color: #969696; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #969696;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp;&nbsp;
  </font>-<font style="mso-spacerun: yes;">&nbsp;&nbsp; </font></font></td>




 </tr>









</table>
<p style="font-size: 9pt; line-height: 108%; 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'>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>
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 27px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>









</tr>



















</table>
<p style="font-size: 9pt; line-height: 108%; margin: 0pt;"><br></p>
<p style="font-size: 9pt; line-height: 108%; margin: 0pt;"><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; line-height: inherit;">Starting from 1Q25, the concept of operating capital has been adjusted to reflect all balances of operational assets and liabilities from management's perspective, including primarily the balances of current and deferred income tax, with the comparative balances for 2024 being restated (previously, due to the centralized management of these items, these balances were only included in&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">Ultrapar's</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 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;">&nbsp;consolidated view).</font></font></p>
<p align="right" style="text-align: right; margin: 0cm 0cm 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><b><font lang="EN-US" style="font-size: 10.0pt; line-height: 107%; font-family: 'Aptos',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #00458c; mso-font-kerning: 0pt; mso-ligatures: none;">R$ million</font></b></p>
<table cellspacing="0" cellpadding="0" style="height: 421px; font-size: 10pt; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; width: 100%;" width="100%">

<tr style="height: 0px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; font-weight: bold; line-height: inherit;">IPIRANGA </font><font style="color: #ffffff; font-family: Aptos; font-weight: bold; line-height: inherit;">&#8211;</font>&nbsp;<font color="#ffffff"><b>Employed capital</b></font></font></p>

















</td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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: #8d8b8c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;"> Mar 25 </font></p>

















</td>
<td colspan="2" rowspan="2" style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #8d8b8c !important; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">Mar 24</font></p>

















</td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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: #8d8b8c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">De</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">c</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;"> 24</font></font></p>

















</td>











</tr>
<tr style="height: 10px;"></tr>
<tr style="height: 10px;">
<td style="padding: 0px 8px; vertical-align: bottom; height: 10px; width: 70%;">
<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;">O</font><font style="font-weight: bold; line-height: inherit;">perating assets</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #051273; 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: bottom; height: 10px; width: 10%;"><br></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>











</tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables and reseller financing</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; 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;">4,087 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; text-align: right;"><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; line-height: inherit;">4,198</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; 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;">4,187 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inventories</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">3,926 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">4,161</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">3,702 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">T</font><font style="color: #262626; line-height: inherit;">axes</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">4,192 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">3,689</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">4,468 </font></p>

















</td>











</tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recoverable income and social contribution taxes</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; 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;">369 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; text-align: right;"><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; line-height: inherit;">323</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; 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;">392 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Judicial</font><font style="color: #262626; line-height: inherit;"> deposits</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">329 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">311</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">322 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred income and social contribution taxes</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">593 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">716</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">639 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><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></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">537 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">599</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">541 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Contractual assets with customers - exclusiv</font><font style="color: #262626; line-height: inherit;">e</font><font style="color: #262626; line-height: inherit;"> rights</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">2,102 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">2,215</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">2,132 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Right-of-use</font><font style="color: #262626; line-height: inherit;"> assets</font><font style="color: #262626; line-height: inherit;"> (leases)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">884 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">888</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">912 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><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: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">141 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">66</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">146 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Property, plant and equipment</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">3,302 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">3,249</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">3,282 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Intang</font><font style="color: #262626; line-height: inherit;">ible</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">1,191 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">1,039</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">1,017 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 17px; 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;">
<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 </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">operating assets</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-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;">21</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">653</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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-size: 10pt; line-height: inherit;"><font style="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; color: #00458c; line-height: inherit;">21</font><font style="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; color: #00458c; line-height: inherit;">,</font><font style="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; color: #00458c; line-height: inherit;">455</font></font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-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;">21</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">740</font></font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="padding: 0px 8px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating liabilities</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><br></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables and reverse factoring</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">3,198 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">4,066</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">4,101 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Salaries and related charges</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">195 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">182</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">265 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Post-employment benefits</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">221 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">263</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">217 </font></p>

















</td>











</tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Taxes</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; 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;">126 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; text-align: right;"><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; line-height: inherit;">141</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; 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;">112 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income and social contribution taxes payable</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">93 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">17</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">273 </font></p>

















</td>











</tr>
<tr style="height: 11px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 11px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred income and social contribution taxes</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 11px; 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;">&nbsp; 2 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 11px; text-align: right;"><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; line-height: inherit;">13</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 11px; 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; 1 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">P</font><font style="color: #262626; line-height: inherit;">rovisions for tax, civil, and labor risks</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">416 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">459</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">417 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><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: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">730 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">706</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">741 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Financial liabilities of customers</font><font style="color: #262626; line-height: inherit;"> (vendor)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">151 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">278</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">180 </font></p>

















</td>











</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for decarbonization credit</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;">96 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; text-align: right;"><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; line-height: inherit;">-</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; 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;&nbsp; </font></p>

















</td>











</tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-indent: 10pt;"><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></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; 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;">605 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; text-align: right;"><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; line-height: inherit;">666</font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; 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;">591 </font></p>

















</td>











</tr>
<tr style="height: 10px;">
<td style="padding: 0px 8px; vertical-align: middle; height: 10px; 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;">
<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 </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">operating liabilities</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; 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;">5</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">833</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; 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-size: 10pt; line-height: inherit;"><font style="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; color: #00458c; line-height: inherit;">6</font><font style="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; color: #00458c; line-height: inherit;">,</font><font style="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; color: #00458c; line-height: inherit;">791</font></font></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; 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;">6</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">8</font><font style="color: #00458c; line-height: inherit;">97</font></font></p>

















</td>











</tr>





























</table>
<p style="font-size: 7pt; line-height: 108%; margin: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;&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'>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>
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 27px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>









</tr>



















</table>
<p align="right" style="text-align: right; margin: 0cm 0cm 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><b><font lang="EN-US" style="font-size: 10.0pt; line-height: 107%; font-family: 'Aptos',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #00458c; mso-font-kerning: 0pt; mso-ligatures: none;"><br>R$ million</font></b></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; height: 355px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 17px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 27px; border-top-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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">IPIRANGA </font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">&#8211;</font> <font style="color: #ffffff; font-weight: bold; line-height: inherit;">Income statement</font> </font></p>

















</td>
<td colspan="3" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 136.05pt; border-image: initial; height: 17px; border-width: 1px; border-color: #8d8b8c !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Quarter </font></p>

















</td>








</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 45.35pt; 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: 10pt; line-height: inherit;"> <font style="color: #ffffff; line-height: inherit;">1</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">2</font><font style="color: #ffffff; line-height: inherit;">5</font> </font></p>

















</td>
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 45.35pt; 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: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">1Q</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>

















</td>
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 45.35pt; 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: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">4Q</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 326.3pt; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="color: #ffffff; 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: bottom; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="color: #ffffff; 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: bottom; width: 45.35pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #051273 !important; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="color: #ffffff; 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 10px; 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;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenues</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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; text-align: right;">
<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;">30</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">234</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">27</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">693</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">32</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">097</font></font></p>

















</td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 10px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">C</font><font style="color: #262626; line-height: inherit;">ost of products </font><font style="color: #262626; line-height: inherit;">sold</font><font style="color: #262626; line-height: inherit;"> and service provided</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(28,806)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(26,313)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(29,789)</font></p>

















</td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 10px; 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;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Gross profit</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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; text-align: right;">
<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;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">429</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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;">
<p style="margin: 0pt;"><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;">380</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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;">
<p style="margin: 0pt;"><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;">308</font></font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating expenses</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="color: #262626; 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: middle; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="color: #262626; 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: middle; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="color: #262626; 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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 10px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Selling and marketing</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(452)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(434)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(439)</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 17px;">
<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;">Ge</font><font style="color: #262626; line-height: inherit;">neral and administrative</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(310)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(274)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(291)</font></p>

















</td>








</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: middle; width: 326.3pt; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Result</font><font style="color: #262626; line-height: inherit;">s from disposal of assets</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; vertical-align: middle; width: 326.3pt; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0pt; padding-left: 0px; padding-right: 0px;"><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;">ther operating income (expenses), net</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(105)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(165)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(114)</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 17px; border-top-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;">Operating income</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; 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; text-align: right;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">568</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; 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;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">544</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; 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;">
<p style="margin: 0pt;"><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;">528</font></font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0pt;"><font style="color: #262626; 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="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="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: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 10px; 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;">
<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></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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; text-align: right;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">832</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">819</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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;">
<p style="margin: 0pt;"><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;">841</font></font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><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;">1</font></font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(36)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(997)</font></p>

















</td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 10px; 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;">
<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></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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; text-align: right;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">826</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">783</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 10px; 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;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">844</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 326.3pt; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Deprecia</font><font style="color: #262626; line-height: inherit;">tion and </font><font style="color: #262626; line-height: inherit;">amortiza</font><font style="color: #262626; line-height: inherit;">tion<font style="font-size: 8pt;"><sup>2</sup></font></font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">266</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">278</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">316</font></p>

















</td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 326.3pt; height: 10px;">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-weight: bold; line-height: inherit;">RATIO</font><font style="color: #262626; font-weight: bold; line-height: inherit;">S</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 45.35pt; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; 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: bottom; width: 45.35pt; height: 10px; text-align: right;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; 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: bottom; width: 45.35pt; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; width: 326.3pt; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 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;">Gross 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: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">256</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">247</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">384</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; width: 326.3pt; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 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;">Operating 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: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">102</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">97</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">254</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; width: 326.3pt; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 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: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">149</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">147</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">306</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; width: 326.3pt; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 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 E</font><font style="color: #262626; font-style: italic; line-height: inherit;">BITDA </font><font style="color: #262626; font-style: italic; line-height: inherit;">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: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">148</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">140</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">140</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 326.3pt; height: 17px;">
<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;">umber of service stations</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 45.35pt; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,847</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 45.35pt; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,881</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 45.35pt; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,860</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 326.3pt; height: 17px;">
<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;">umber of employees</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; 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; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,130</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,127</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 45.35pt; height: 17px; 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; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,512</font></p>

















</td>








</tr>


























</table>
<p style="font-size: 7pt; line-height: 1.2; margin: 8pt 0pt 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#185; <font style="font-size: 8pt;">Non-recurring items described in the EBITDA calculation table &#8211; page 2</font></font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#178; <font style="font-size: 8pt;">Includes amortization with contractual assets with customers &#8211; exclusive rights</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'>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>
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 27px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>








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</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><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-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Starting from 1Q25, the concept of operating capital has been adjusted to reflect all balances of operational assets and liabilities from management's perspective, including primarily the balances of current and deferred income tax, with the comparative balances for 2024 being restated (previously, due to the centralized management of these items, these balances were only included in </font><font style="line-height: inherit;">Ultrapar's</font><font style="line-height: inherit;"> consolidated view).</font></font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p align="right" style="text-align: right; margin: 0cm 0cm 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><b><font lang="EN-US" style="font-size: 10.0pt; line-height: 107%; font-family: 'Aptos',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #00458c; mso-font-kerning: 0pt; mso-ligatures: none;">R$ million</font></b></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; height: 462px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; width: 100%;" width="100%">

<tr style="height: 0px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 63.66%; height: 10px; 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;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; font-weight: bold; line-height: inherit;">ULTRAGAZ </font><font style="color: #ffffff; font-family: Aptos; font-weight: bold; line-height: inherit;">&#8211;</font>&nbsp;<b style="color: #ffffff; font-family: Aptos; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #00458c; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Employed capital</b></font></p>

















</td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.14%; height: 10px; 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: #8d8b8c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;"> Mar 25 </font></p>

















</td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 10.62%; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #8d8b8c !important; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">Mar 24</font></p>

















</td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 11.86%; height: 10px; 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: #8d8b8c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">De</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">c</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;"> 24</font></font></p>

















</td>















</tr>
<tr style="height: 10px;"></tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating assets</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: Aptos; 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: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: Aptos; 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: bottom; width: 11.86%; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">678 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 586 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">633 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Inventories</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">195 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 199 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">202 </font></p>

















</td>















</tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 10px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">T</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">axes</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; 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: Aptos; font-size: 10pt; line-height: inherit;">220 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 135 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; 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: Aptos; font-size: 10pt; line-height: inherit;">219 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Recoverable income and social contribution</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> taxes</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">32 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 16 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">34 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Judicial deposits</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">48 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">712 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">101 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Deferred income and social contribution</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> taxes</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">80 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 203 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">104 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">O</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">thers</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">157 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">115</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">121 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Right-of-use assets</font> <font style="color: #262626; font-family: Aptos; line-height: inherit;">(</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">leases</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">147 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">155 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">152 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Investments</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp; 5 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 0 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;"> 1 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Property, plant and equipment, net</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">1</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">575 </font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">456 </font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">566 </font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Intangible</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> assets, net</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">327 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 278 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">334 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.14%; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 11.86%; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 63.66%; height: 17px; border-top-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: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Total operating assets</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.14%; height: 17px; border-top-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-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">3</font><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">464</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 10.62%; height: 17px; border-top-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-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; line-height: inherit;">3</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">,</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">855</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 11.86%; height: 17px; border-top-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-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; line-height: inherit;">3</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">,</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">4</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">67</font></font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.14%; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 11.86%; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating liabilities</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.14%; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: Aptos; 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: middle; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: Aptos; 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: middle; width: 11.86%; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Trade payables</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">245 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 237 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">282 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Salaries and related charges</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">111 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 102 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">121 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Tax</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">es</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">24 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 9 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">17 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Income and social contribution </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">taxes </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">payable</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">35 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 44 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">17 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">D</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">eferred income and social contribution</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> taxes</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">117 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">(0)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">-&nbsp;&nbsp; </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">P</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">rovisions for tax, civil, and labor risks</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">16 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">627 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">14 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Lease</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">s</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> payable</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">184 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> 192 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">189 </font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">O</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">thers</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 12.14%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">199</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10.62%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">202</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.86%; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">324</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 63.66%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.14%; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 10.62%; height: 17px;">
<p style="margin: 0pt;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 11.86%; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 63.66%; height: 17px; border-top-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-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">Total operating l</font><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">iabilities</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.14%; height: 17px; border-top-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: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">932</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 10.62%; height: 17px; border-top-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-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; line-height: inherit;">1</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">,</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">412</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 11.86%; height: 17px; border-top-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: Aptos; font-size: 10pt; line-height: inherit;">965</font></p>

















</td>















</tr>

































</table>
<p style="font-size: 10pt; line-height: 1.2; 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'>84</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="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 27px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>








</tr>

















</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p align="right" style="text-align: right; margin: 0cm 0cm 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><b><font lang="EN-US" style="font-size: 10.0pt; line-height: 107%; font-family: 'Aptos',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #00458c; mso-font-kerning: 0pt; mso-ligatures: none;">R$ million</font></b></p>
<table cellspacing="0" cellpadding="0" style="height: 442px; font-size: 10pt; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 16px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 26px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; font-weight: bold; line-height: inherit;">ULTRAGAZ - </font><font style="color: #ffffff; font-family: Aptos; font-weight: bold; line-height: inherit;">Income statement</font></font></p>

















</td>
<td colspan="3" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-image: initial; border-width: 1px; border-style: solid; height: 16px; border-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">Quarter</font></p>

















</td>








</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 10px; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"> <font style="color: #ffffff; font-family: Aptos; line-height: inherit;">1Q</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">25 </font></font></p>

















</td>
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">1Q</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">24</font></font></p>

















</td>
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; height: 10px; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">4Q</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">24</font></font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; height: 16px; border-top-color: #051273 !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important; width: 70%;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenues</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">863 </font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; line-height: inherit;">2</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">,</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">500 </font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; line-height: inherit;">3</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">,</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">068 </font></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; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</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; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">C</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">ost of products </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">sold</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> and service provided</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"> <font style="font-family: Aptos; line-height: inherit;">(2</font><font style="font-family: Aptos; line-height: inherit;">,</font><font style="font-family: Aptos; line-height: inherit;">328)</font></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-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;"> (1</font><font style="font-family: Aptos; line-height: inherit;">,</font><font style="font-family: Aptos; line-height: inherit;">985)</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;"> (2</font><font style="font-family: Aptos; line-height: inherit;">,</font><font style="font-family: Aptos; line-height: inherit;">321)</font></font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Gross profit</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">536 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">515 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">747 </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; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating expenses</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</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; text-indent: 20pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Selling and marketing</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">(149)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">(131)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">(176)</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; text-indent: 20pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Ge</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">neral and administrative</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> (99)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> (80)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;"> (95)</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; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Result</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">s from disposal of assets</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">0</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="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">0</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">3</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; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">O</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">ther operating income (expenses), net</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">16</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="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">4</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">45</font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating income</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">303 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">308 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">524 </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 10pt; text-indent: 0pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Share of profit (loss) of subsidiaries, joint ventures and associates</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">0 </font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; (0)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 </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; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">MTM of energy futures contracts</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">(9)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">-</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">(64)</font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">Adjusted </font><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">EBITDA<font style="font-size: 8pt; font-family: 'times new roman', times;"><sup>1</sup></font></font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">393 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">401 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">554 </font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</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; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">N</font><font style="color: #262626; font-family: Aptos; 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: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">(113)</font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">Recurring Adjusted </font><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">EBITDA<font style="font-size: 8pt;"><sup>1</sup></font></font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">393 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">401 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">441 </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; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</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;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">&nbsp;&nbsp; Deprecia</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">tion and </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">amortiza</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">tion</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">&#179;</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; 98 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; 93 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; 94 </font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-weight: bold; line-height: inherit;">RATIO</font><font style="color: #262626; font-family: Aptos; font-weight: bold; line-height: inherit;">S</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: Aptos; 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: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: Aptos; 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: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">Gross margin</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;"> (R$/m&#179;)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">318 </font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">281 </font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">715 </font></font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">Operating margin</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">(R$/m&#179;)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;"> 746 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;"> 766 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">204 </font></font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">Adjusted EBITDA margin</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;"> (R$/m&#179;)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">967 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;"> 997 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">272 </font></font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">Recurring Adjusted E</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">BITDA </font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">margin</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;"> (R$/m&#179;)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">959 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;"> 966 </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;"> 966 </font></p>

















</td>








</tr>
<tr style="height: 16px;">
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">N</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">umber of employees</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-bottom-color: #8d8b8c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">3</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">736 </font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">3</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">536 </font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; height: 16px; border-bottom-color: #8d8b8c !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">3</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">711 </font></font></p>

















</td>








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</table>
<p style="font-size: 7pt; line-height: 108%; margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;"><br></font></font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-size: 8pt;"><sup><font style="line-height: inherit;">1 </font></sup></font><font style="line-height: inherit; font-size: 8pt;">Includes contribution from the results of new energies </font></font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-size: 8pt;"><sup><font style="line-height: inherit;">2&nbsp;</font></sup><font style="line-height: inherit;">Non-recurring</font><font style="line-height: inherit;"> items described in the EBITDA calculation table &#8211; page</font><font style="line-height: inherit;">2</font></font></font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-size: 8pt;"><sup><font style="line-height: inherit;">3 </font></sup></font><font style="line-height: inherit; font-size: 8pt;">Includes amortization with contractual assets with customers - exclusive rights</font></font></p>
<p style="font-size: 8pt; line-height: 1.2; 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'>85</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>











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<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>








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<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;">Starting from 1Q25, the concept of operating capital has been adjusted to reflect all balances of operational assets and liabilities from management's perspective, including primarily the balances of current and deferred income tax, with the comparative balances for 2024 being restated (previously, due to the centralized management of these items, these balances were only included in </font><font style="font-family: Aptos; line-height: inherit;">Ultrapar's</font><font style="font-family: Aptos; line-height: inherit;"> consolidated view).</font></font></p>
<p align="right" style="text-align: right; margin: 0cm 0cm 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><b><font lang="EN-US" style="font-size: 10.0pt; line-height: 107%; font-family: 'Aptos',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #00458c; mso-font-kerning: 0pt; mso-ligatures: none;">R$ million</font></b></p>
<table cellspacing="0" cellpadding="0" style="height: 413.984px; font-size: 10pt; border-collapse: collapse; margin-left: 0px; font-family: &quot;times new roman&quot;; width: 100%;" width="100%">

<tr style="height: 0px;">
<td rowspan="2" style="background-color: rgb(0, 69, 140); padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16.9844px; margin: 0px; text-indent: 0px; border-top-color: rgb(0, 69, 140) !important; border-bottom-color: rgb(0, 69, 140) !important; border-left-color: rgb(0, 69, 140) !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; font-weight: bold; line-height: inherit;">ULTRACARGO </font><font style="color: #ffffff; font-family: Aptos; font-weight: bold; line-height: inherit;">&#8211;</font>&nbsp;<b style="color: #ffffff; font-family: Aptos; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #00458c; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Employed capital</b></font></p>

















</td>
<td rowspan="2" style="background-color: rgb(141, 139, 140); padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16.9844px; margin: 0px; text-indent: 0px; border-top-color: rgb(141, 139, 140) !important; border-bottom-color: rgb(0, 69, 140) !important; border-left-color: rgb(141, 139, 140) !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;"> Mar 25 </font></p>

















</td>
<td rowspan="2" style="background-color: rgb(141, 139, 140); padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16.9844px; margin: 0px; text-indent: 0px; border-top-color: rgb(141, 139, 140) !important; border-bottom-color: rgb(0, 69, 140) !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">Mar 24</font></p>

















</td>
<td rowspan="2" style="background-color: rgb(141, 139, 140); padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; height: 16.9844px; margin: 0px; text-indent: 0px; border-top-color: rgb(141, 139, 140) !important; border-bottom-color: rgb(0, 69, 140) !important; border-right-color: rgb(141, 139, 140) !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">De</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">c</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;"> 24</font></font></p>

















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<tr style="height: 16.9844px;"></tr>
<tr style="height: 13px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px; width: 70%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating assets</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 13px; border-left-color: #8d8b8c !important; width: 10%;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: Aptos; 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: bottom; height: 13px; width: 10%;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: Aptos; 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: bottom; border-right-width: 1px; border-right-style: solid; height: 13px; border-right-color: #8d8b8c !important; width: 10%;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Trade </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">receivables</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">44</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">38</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">47</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Inventories</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">14</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">12</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">13</font></p>

















</td>











</tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">T</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">axes</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 10px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">2</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">7</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 10px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">2</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Recoverable</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> income </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">and</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> social </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">contribution</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> taxes</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">49</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">43</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">47</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Judicial </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">deposits</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">9</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">10</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">9</font></p>

















</td>











</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 12px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Deferred income and social contribution</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> taxes</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 12px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">36</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 12px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">50</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 12px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">34</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Others</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">38</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">67</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">29</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Right-of-use assets</font> <font style="color: #262626; font-family: Aptos; line-height: inherit;">(leases)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">606</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">621</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">600</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Investments</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">217</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">216</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">216</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Property, plant and equipment, net</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">2</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">296</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">1</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">722</font></font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">2</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">,</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">210</font></font></p>

















</td>











</tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Intangible</font> <font style="color: #262626; font-family: Aptos; line-height: inherit;">assets</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">, net</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 10px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">283</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">284</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 10px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">284</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;"><br></td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;"><br></td>











</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Total operating assets</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">3</font><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">592</font> </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; line-height: inherit;">3</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">,</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">069</font> </font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; line-height: inherit;">3</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">,</font><font style="color: #00458c; font-family: Aptos; line-height: inherit;">491</font> </font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;"><br></td>











</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating liabilities</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: Aptos; 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: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: Aptos; 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: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Trade payables</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">71</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">56</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">134</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Salaries and related charges</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">34</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">33</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">49</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Tax</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">es</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">15</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">14</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">19</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Income and social contribution</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> taxes</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> payable</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">33</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">23</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">31</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">D</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">eferred income and social contribution</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> taxes</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">0</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">0</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">-</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">P</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">rovisions for tax, civil, and labor risks</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">28</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">30</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">28</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Lease</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">s</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> payable</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">560</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">565</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">546</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">O</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">thers</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; height: 16px; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">23</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">39</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; height: 16px; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">29</font></p>

















</td>











</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; height: 16px;"><br></td>











</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">Total operating l</font><font style="color: #00458c; font-family: Aptos; font-weight: bold; line-height: inherit;">iabilities</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">765</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">759</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; height: 16px; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">837 </font></p>

















</td>











</tr>





























</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: center;"><font style="font-family: Calibri; 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'>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>
<table style="font-size: 10pt; width: 99.9182%; margin-left: 0.1px; height: 27px; border-collapse: collapse; font-family: 'times new roman';">

<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 18pt; float: none; display: inline !important;">1Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1.5pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="imgfc924ccca55c40e4abcd.jpg" style="float: right;" alt="Graphics"></td>








</tr>

















</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p align="right" style="text-align: right; margin: 0cm 0cm 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><b><font lang="EN-US" style="font-size: 10.0pt; line-height: 107%; font-family: 'Aptos',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #00458c; mso-font-kerning: 0pt; mso-ligatures: none;">R$ million</font></b></p>
<table cellspacing="0" cellpadding="0" style="height: 422px; font-size: 10pt; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; width: 100%;" width="100%">

<tr style="height: 10px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 20px; 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;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; font-weight: bold; line-height: inherit;">ULTRACARGO -</font> <font style="color: #ffffff; font-family: Aptos; font-weight: bold; line-height: inherit;">Income statement</font></font></p>

















</td>
<td colspan="3" style="background-color: #00458c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-image: initial; height: 10px; border-width: 1px; border-style: solid; border-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">Quarter</font></p>

















</td>








</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">1</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">Q</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">25</font></font></p>

















</td>
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; 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-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">1</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">Q</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">24</font></font></p>

















</td>
<td style="background-color: #8d8b8c; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #00458c !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">4Q</font><font style="color: #ffffff; font-family: Aptos; line-height: inherit;">24</font></font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1f497d; font-family: Aptos; 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: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1f497d; font-family: Aptos; 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: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #051273 !important; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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; width: 70%;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenues</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">271</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">263</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">283</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; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">C</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">ost of products </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">sold</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> and service provided</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(103)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(92)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(102)</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Gross profit</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">167</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">171</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">181</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; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating expenses</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</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; text-indent: 20pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Selling and marketing</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(2)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(4)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(2)</font></p>

















</td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Ge</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">neral and administrative</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(40)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(42)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; 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: Aptos; font-size: 10pt; line-height: inherit;">(50)</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; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Result</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">s from disposal of assets</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</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; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">O</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">ther operating income (expenses), net</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">0</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(0)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">0</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; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating expenses</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating income</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">128</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">127</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">132</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; text-indent: 10pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-weight: bold; line-height: inherit;">Total s</font><font style="color: #262626; font-family: Aptos; font-weight: bold; line-height: inherit;">hare of profit (loss) of subsidiaries, joint ventures and associates</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</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; text-indent: 20pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Share of profit (loss) of subsidiaries, joint ventures and associates</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1</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; text-indent: 20pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">Amortization of fair value adjustments on </font><font style="color: #262626; font-family: Aptos; line-height: inherit;">associates</font><font style="color: #262626; font-family: Aptos; line-height: inherit;"> acquisition</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(0)</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">-</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">(0)</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;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjusted EBITDA</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">166</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">165</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; 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;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: Aptos; font-size: 10pt; line-height: inherit;">169</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; 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: Aptos; font-size: 10pt; line-height: inherit;">&nbsp;</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;"><font style="color: #262626; font-family: Aptos; font-size: 10pt; line-height: inherit;">Depreciation and amortization&#185;</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">38</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">37</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">37</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">RATIOS</font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: Aptos; 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: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: Aptos; 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: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>








</tr>
<tr style="height: 15px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">Gross margin</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;"> (</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">%</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; 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: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">61.8%</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">65.0%</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; 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: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">64.0%</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">Operating </font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">margin</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">(</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">%</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">47.2%</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">48.3%</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">46.5%</font></p>

















</td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">Adjusted EBITDA margin</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;"> (</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">%</font><font style="color: #262626; font-family: Aptos; font-style: italic; line-height: inherit;">)</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">61.4%</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">62.8%</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; line-height: inherit;">59.9%</font></p>

















</td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-family: Aptos; line-height: inherit;">N</font><font style="color: #262626; font-family: Aptos; line-height: inherit;">umber of employees</font></font></p>

















</td>
<td style="background-color: #d9e5f1; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">846</font></p>

















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">843</font></p>

















</td>
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<p style="font-size: 7pt; line-height: 108%; margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Aptos; line-height: inherit;"><br></font></font></p>
<p style="font-size: 7pt; line-height: 108%; margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-size: 8pt;"><sup><font style="font-family: Aptos; line-height: inherit;">1 </font></sup></font><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="line-height: inherit;">Includes amortization of fair value adjustments on </font><font style="line-height: inherit;">associates</font><font style="line-height: inherit;"> acquisition</font></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>87</font></font></td>











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<p style="margin: 0px; text-align: center; line-height: 1.2; 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="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">Minutes of the Meeting of the Board of Directors of Ultrapar Participa&#231;&#245;es S.A.,</font></font></p>
<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;"> <font style="line-height: inherit;">held on </font><font style="line-height: inherit;">May</font> <font style="line-height: inherit;">7</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;">, 2025</font><font style="line-height: inherit;">)</font></font><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: 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-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></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; line-height: inherit; font-weight: bold;"><br></font></p>
<p style="font-weight: normal; margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">Publicly Traded Company</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>
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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;"><font style="line-height: inherit;">CNPJ </font><font style="line-height: inherit;">Nr. </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: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bdn66_642025155057246" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS</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: 0px; text-align: justify; 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;">Date, Hour and Place</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;"><font style="line-height: inherit;">May, 7<font style="font-size: 8pt;"><sup>th</sup></font></font><font style="line-height: inherit;">, 202</font><font style="line-height: inherit;">5</font><font style="line-height: inherit;">, at 10:00 a.m., at the Company&#8217;s headquarters, located at Brigadeiro Lu&#237;s Ant&#244;nio Avenue, Nr. 1.343, 9<font style="font-size: 8pt;"><sup>th</sup></font></font><font style="line-height: inherit;">&nbsp;floor, in the City and State of S&#227;o Paulo</font><font style="line-height: inherit;">, p</font><font style="line-height: inherit;">articipation via Microsoft Teams </font><font style="line-height: inherit;">was</font><font style="line-height: inherit;"> also permitted</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;</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;"><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: 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;">(i) Members of the Board of Directors undersigned; (ii) Secretary of the Board of Directors, Ms. Denize Sampaio Bicudo; (iii) Chief Executive Officer, Mr. </font><font style="line-height: inherit;">Rodrigo de Almeida Pizzinatto; (iv) Chief Financial Officer, Mr.</font><font style="line-height: inherit;"> Alexandre Mendes Palhares; and (v) the Executive Officers of the Company Businesses, Mrs. D&#233;cio de Sampaio Amaral, Leonardo Remi&#227;o Linden and Tabajara Bertelli Costa. </font><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; </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>
<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;"><font style="font-weight: bold; line-height: inherit;">Matters discussed and resolutions</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;"><br></p>
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<td style="width: 4.5%; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;">1.</font></td>
<td style="width: 95.5%; text-align: justify; 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: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; 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;">After having analyzed and discussed the performance of the Company in the first quarter of the current fiscal year, the respective financial statements were approved</font></td>









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<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><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
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<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="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;">&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; line-height: inherit;"><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; font-weight: bold; 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-weight: bold; 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; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Marcos Marinho Lutz</font> <font style="line-height: inherit;">&#8211; </font><font style="line-height: inherit;">Chairman</font></font><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: 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="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;"><font style="font-weight: bold; line-height: inherit;">Jorge Marques de Toledo Camargo</font> <font style="line-height: inherit;">&#8211; Vice-</font><font style="line-height: inherit;">Chairman</font></font><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: 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="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-weight: bold; line-height: inherit;">Fl&#225;via Buarque de Almeida</font><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: 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="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-weight: bold; line-height: inherit;">Fabio Venturelli</font><font style="font-size: 10pt; font-weight: bold;">&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-weight: bold; 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-weight: bold; line-height: inherit;">Jos&#233; Mauricio Pereira Coelho</font><font style="font-size: 10pt;">&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; 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-weight: bold; line-height: inherit;">Marcelo Faria de Lima</font><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; 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-weight: bold; line-height: inherit;">Peter Paul Loren&#231;o Estermann</font><font style="font-size: 10pt; font-weight: bold;">&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-weight: bold; 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-weight: bold; line-height: inherit;">V&#226;nia Maria Lima Neves</font><font style="font-size: 10pt;">&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; 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; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Denize Sampaio Bicudo </font><font style="line-height: inherit;">&#8211; </font><font style="line-height: inherit;">Secretary of the </font><font style="line-height: inherit;">B</font><font style="line-height: inherit;">oard of Directors</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;"><font style="line-height: inherit;">&nbsp;</font></font></p>







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<div style="width: 8.5in; margin: 0 auto;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></div>
<div style="width: 8.5in; margin: 0 auto;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">SIGNATURES</font></div>
<div style="width: 8.5in; margin: 0 auto;">
<p style="font-size: 10pt; line-height: 115%; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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: 1.2; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Date: May 07 , 2025&nbsp;</font></p>
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<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: 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>


















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<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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<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>
