<SEC-DOCUMENT>0001554855-25-001012.txt : 20250814
<SEC-HEADER>0001554855-25-001012.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250813183200
ACCESSION NUMBER:		0001554855-25-001012
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20250813
FILED AS OF DATE:		20250814
DATE AS OF CHANGE:		20250813

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:		251213458

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADERIO LUIZ ANTONIO 1343
		STREET 2:		8 ANDAR SAO PAULO
		CITY:			SP BRAZIL 01350-900
		STATE:			D5
		BUSINESS PHONE:		55 11 3177-7014

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>MainDocument.htm
<DESCRIPTION>6-K
<TEXT>
<html><head><title></title><meta content="text/html"></meta></head><body><div class="content_container"><div style="font-family: 'times new roman', times; font-size: 10pt;" id="Dq3w0sdcwsbpm7y9nxr6hmc">
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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>
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<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></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;">Report </font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">o</font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">f Foreign Private Issuer</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;">Pursuant </font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">t</font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">o Rule 13a-16 Or 15d-16 Of</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;">The Securities Exchange Act Of 1934</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 02lfl; font-size: 9pt;">For the month of August</font><font style="font-family: 02lfl; font-size: 9pt;">&#160;20</font><font style="font-family: 02lfl; font-size: 9pt;">25</font></p>
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<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>
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<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: 1pt; 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;">&#160;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">Brigadeiro Luis </font><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">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, 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: 1pt; margin: 0pt; padding-bottom: 1pt; text-align: center;"><font style="font-family: 02lfl; font-size: 8pt;">(Address of Principal Executive Offices)</font></p>
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<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>
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<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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">Form 40-F</font><font style="font-family: 02lfl; font-size: 9pt;"> ________</font></p>
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<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>
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<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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </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;">&#160;</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;">&#160;</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 02lfl; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </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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<p style="font-size: 13pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">ULTRAPAR HOLDINGS INC.</font></p>
<p style="font-size: 13pt; line-height: 115%; margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">TABLE OF CONTENTS</font></p>
<p style="font-size: 12.5pt; line-height: 115%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;">ITEM</font></p>
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<td style="vertical-align: top; width: 5%; text-align: left;" valign="top">1.</td>
<td style="vertical-align: top; width: 95%; text-align: justify;" valign="top"><a href="#BJK1_1372025214045531">Individual and Consolidated Interim Financial Information as of and for the Quarter Ended June 30, 2025 and Report on Review of Interim Financial Information</a><a href="#Baaa_266202513551696"></a></td>






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<td style="vertical-align: top; text-align: left;">2.</td>
<td style="vertical-align: top;"><a href="#BJK2_13720252206205"><font>2Q25 Earnings Release</font></a></td>






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<td style="vertical-align: top; text-align: left;">3.</td>
<td style="vertical-align: top;"><a href="#BJK3_1372025214136594"><font>Minutes of the Meeting of the Board of Directors of Ultrapar Participa&#231;&#245;es, held on August 13, 2025</font></a></td>






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<td style="vertical-align: top; text-align: left;">4.</td>
<td style="vertical-align: top;"><a href="#BJK4_1372025214157707"><font>Notice to Shareholders</font></a></td>






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<div><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#TOC" name="BJK1_1372025214045531"><font style="color: rgb(255, 255, 255);">&#160;<font style="font-size: 1pt;">Individual and Consolidated Interim Financial Information as of and for the Quarter Ended June 30, 2025 and Report on Review of Interim Financial Information</font></font></a></div>
<p style="margin: 0pt; orphans: 0; widows: 0;"><img src="c3f42f1fcc3e8cd00e8a.jpg" style="display: block; margin-left: auto; margin-right: auto;;height:889;width:630;" alt="Graphics"></p>
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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>



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<p style="text-align: center;"><font style="font-weight: bold;">Table of Content</font>
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<h4 style="vertical-align: middle; text-align: center;"><br></h4>



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<td style="width: 95%; height: 17px;"><a href="#BSD_1_77202513585206">Statements of financial position</a></td>
<td class="bmpageno" style="width: 5%; text-align: center; height: 17px;">8</td>



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<td style="height: 17px;"><a href="#BSD_2_7720251359510">Statements of income</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">10</td>



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<td style="height: 17px;"><a href="#BSD_3_772025141623893">Statements of comprehensive income</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">11</td>



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<td style="height: 17px;"><a href="#BSD_4_772025141753468">Statements of changes in equity</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">12</td>



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<td style="height: 17px;"><a href="#BSD_6_772025142756984">Statements of cash flows - indirect method</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">14</td>



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<td style="height: 17px;"><a href="#BSD_7_77202514291425">Statements of value added</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">17</td>



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<td style="height: 17px;"><a href="#Bdn_7_772025142114617">1. Operations</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">18</td>



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<td style="height: 17px;"><a href="#BDN17_772025143121444">2. Basis of preparation and presentation of individual and consolidated interim financial information </a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">18</td>



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<td style="height: 17px;"><a href="#BDN15_772025142851226">3. New accounting policies and changes in accounting policies </a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">22</td>



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<td style="height: 17px;"><a href="#BDN18_772025143142860">4. Cash and cash equivalents and financial investments</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">22</td>



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<td style="height: 17px;"><a href="#Bdn11_772025142241349">5. Trade receivables and reseller financing (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">23</td>



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<td style="height: 17px;"><a href="#Bn1_772025141752695">6. Inventories (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">25</td>



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<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bn2_77202514185654">7. Recoverable taxes (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">25</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bn3_77202514184415">8. Related parties</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">26</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bn4_77202514195885">9. Income and social contribution taxes</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">28</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bn5_772025141928735">10. Contractual assets with customers - exclusivity rights (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">30</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bn6_772025141939166">11. Investments in subsidiaries, joint ventures and associates </a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">31</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_8_77202515395420">12. Right-of-use assets and leases payable (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">36</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_9_772025154022426">13. Property, plant, and equipment (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">39</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_10_772025161130">14. Intangible assets (consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">40</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_11_772025161121484">15. Loans, financing and debentures </a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">42</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_12_772025161151489">16. Trade payables (consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">44</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_13_772025161212883">17. Employee benefits and private pension plan (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">44</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BSD_14_772025161235668">18. Provisions and contingent liabilities (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">45</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bj1_772025141745849">19. Subscription warrants &#8211; indemnification</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">48</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bj3_77202514189874">20. Equity</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">48</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bj4_772025141824303">21. Net revenue from sales and services (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">49</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bj5_772025141841732">22. Costs, expenses and other operating results by nature</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">49</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bj6_772025141857879">23. Financial result</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">50</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bj8_772025141913941">24. Earnings per share (Parent and Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">51</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bj9_772025141931708">25. Segment information</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">52</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bdn19_772025144622783">26. Financial instruments (Consolidated)</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">57</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bn27_772025155831530">27. Acquisition of Interest and Control</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">68</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bn28_77202516251604">28. Discontinued operation</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">72</td>



</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#Bdn6_772025141753943">29. Events after the reporting period</a></td>
<td class="bmpageno" style="text-align: center; height: 17px;">75</td>



</tr>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 11pt;">&#160;</font></p>
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<p style="margin: 0pt;"><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; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; 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;"><br></p>
<p style="margin: 0pt 0pt 10pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; 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-family: 'times new roman', times; font-size: 20pt;"><font style="font-weight: bold;">Ultrapar<font>&#160;</font>Participa&#231;&#245;es</font><font style="font-weight: bold;"><font>&#160;</font>S.A.</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; 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-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 Period Of Three And Six Months Ended on June 30, 2025</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; 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-family: 'times new roman', times; font-size: 11pt;">&#160;</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; 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-family: 'times new roman', times; font-size: 11pt;">&#160;</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; 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-family: 'times new roman', times; font-size: 11pt;">&#160;</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; 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-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; 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-family: 'times new roman', times; font-size: 10pt;">Deloitte<font>&#160;</font>Touche<font>&#160;</font>Tohmatsu<font>&#160;</font>Auditores<font>&#160;</font>Independentes<font>&#160;</font>Ltda.</font></p>






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<td style="width: 76.474%; vertical-align: top;" valign="top"><img src="cabeab39ea4113d2ee24.jpg" style="height:46;width:199;" alt="Graphics"></td>
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<p 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; line-height: 8.5pt; margin: 0px; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deloitte Touche Tohmatsu</font></p>
<p 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; line-height: 8.5pt; margin: 0px; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Av. Dr. Chucri Zaidan&#160;, 1.240 -</font></p>
<p 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; line-height: 8.5pt; margin: 0px; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4<font style="font-size: 8pt;"><sup>o&#160;</sup></font>ao&#160;12<font style="font-size: 8pt;"><sup>o</sup></font>&#160;andares - Golden Tower</font></p>
<p 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; line-height: 8.5pt; margin: 0px; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;">04711-130 - S&#227;o Paulo - SP</font></p>
<p 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; line-height: 8.5pt; margin: 0px; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;">Brazil</font></p>
<p 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; line-height: 8.5pt; margin: 0px; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></p>
<p 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; line-height: 8.5pt; margin: 0px; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;">Tel.: + 55 (11) 5186-1000</font></p>
<p 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; line-height: 8.5pt; margin: 0px; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;">Fax: + 55 (11) 5181-2911</font></p>
<p 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; line-height: 8.5pt; margin: 0px; font-size: 10.5pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;">www.deloitte.com.br</font></p>







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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><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;">(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, respectively, included in the Interim Financial Information Form (ITR), for the quarter ended June 30, 2024, which comprises the statements of financial position as at June 30, 2024 and the related statements of income and comprehensive income for the three and six-month periods then ended, and of changes in equity and of cash flows for the six-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-size: 7pt; font-family: 'times new roman', times; line-height: inherit;">Deloitte provides leading professional services to nearly 90% of the Fortune Global 500&#174; and thousands of private companies. Our people deliver measurable and lasting results that<br>help reinforce public trust in capital markets and enable clients to transform and thrive. Building on its 180-year history, Deloitte spans more than 150 countries and territories. Learn<br>how Deloitte&#8217;s approximately 460,000 people worldwide make an impact that matters at </font><font style="font-size: 7pt; font-family: 'times new roman', times; line-height: inherit;"><font><font style="color: #0000ff; text-decoration: underline; line-height: inherit;">www.deloitte.com</font></font>.</font></p>
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<p style="line-height: 6.5pt; margin: 0pt;"><font style="font-size: 7pt; font-family: 'times new roman', times; line-height: inherit;">&#169; 2025. For information, contact Deloitte Global.</font></p>







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<div style="font-family: 'times new roman', times; font-size: 10pt;"><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;"><br></font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><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;">Other matters</font><br>
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<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; 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 six-month period ended June 30, 2025, prepared under the responsibility of the Company&#8217;s Management, and presented as supplemental information for international standard IAS&#160;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&#160;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, August 13, 2025</font></p>
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<td style="width: 43.6275%; 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: 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: 56.3725%; 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; 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&#160;</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;">&#160;de S&#225;</font></font></td>




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<td style="width: 43.6275%; height: 17px;">Auditores<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>Independentes<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>Ltda<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></td>
<td style="width: 56.3725%; 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: 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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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>







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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="BSD_1_77202513585206"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; 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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<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; 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;">As of June 30, 2025 and December 31, 2024</font></td>







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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">06/30/2025</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;">06/30/2025</font></p>














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














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














</td>
<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;">2,223</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,897,418</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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











</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</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;">7,431</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,100</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,088,104</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,306,927</font></p>














</td>











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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">156,812</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">246,084</font></p>














</td>











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














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,739,280</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;">&#160;</font></p>














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














</td>











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














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">493,748</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,038,595</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











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














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,022,246</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8,640</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">286,584</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;">&#160;</font></p>














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














</td>











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














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">226,359</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">185,745</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,238</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">111,973</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;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">351,419</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,314</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">210,955</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











</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;">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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">644,450</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">658,571</font></p>














</td>











</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; font-weight: bold;">&#160;</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">326,494</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;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,157,208</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" 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: 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 11pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Assets held for sale</font></p>














</td>
<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;">28</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;">118,458</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">&#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;">&#160;</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;">699,844</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">&#8208;</font></p>














</td>











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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">&#160;</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;">444,952</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;">&#160;</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;">143,708</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;">&#160;</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;">16,857,052</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;">&#160;</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;">16,047,721</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;">&#160;</font></p>














</td>
<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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>











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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>











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














</td>
<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.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;">300,000</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">300,001</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,419,997</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,819,179</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;">Derivative financial instruments</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">634,774</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">585,294</font></p>














</td>











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














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">42,823</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











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














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">718,384</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











</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;">8</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,368</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,076</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">59,653</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48,309</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;">Deferred income and social contribution taxes</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">9.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;">135,120</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">896,198</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











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














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,301,582</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











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














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">312,313</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











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














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">314,025</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;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">18.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;">13,363</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">470,548</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











</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;">Indemnification asset - business combination</font></p>














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">152,149</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











</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 receivables and other assets</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,214</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,607</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">234,819</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">117,076</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;">Prepaid expenses</font></p>














</td>
<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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,598</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">57,431</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>











</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;">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; 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;">&#160;</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,444,020</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,473,331</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</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;">Investments in 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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">11</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,209,631</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">509,765</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,092</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,939,621</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">65,299</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;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11,582,867</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">14</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;">271,505</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">273,674</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">3,660,172</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">1,908,330</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 non-current assets</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,041,460</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;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">28,751,141</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">23,510,353</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 30pt; text-indent: 1.15pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total assets</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; 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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,486,412</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">45,608,193</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; 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;"><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">8</font></font></td>










</tr>





















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt; height: 68px;">

<tr style="height: 17px;">
<td style="width: 50%; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p style="line-height: 1;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>







</td>
<td style="width: 50%; vertical-align: top; height: 68px;" rowspan="4" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" 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_1_77202513585206"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; 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>







</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; 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; line-height: inherit;">As of June 30, 2025 and December 31, 2024</font></td>







</tr>
<tr style="height: 17px;">
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<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-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; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-style: italic; line-height: inherit;">(In thousands of Brazilian<font style="line-height: inherit;">&#160;</font>Reais)</font></p>







</td>







</tr>
















</table>
<p style="margin: 0pt; font-size: 7pt; line-height: 1;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 849px; text-indent: 0px;" width="100%">

<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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#8206;</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;">Parent</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;">&#160;</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: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Note</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;">06/30/2025</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;">&#160;</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;">12/31/2024</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;">&#160;</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;">06/30/2025</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;">&#160;</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;">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: 51%; background-color: #cceeff; height: 10px;">
<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; width: 6%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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; font-weight: bold;">Current liabilities</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">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: 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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">37,087</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;">&#160;</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;">25,423</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;">&#160;</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;">2,855,419</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;">&#160;</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;">3,518,385</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;">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; font-weight: bold;">16.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;">&#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;">&#160;</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;">&#160;</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;">257,822</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;">&#160;</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;">1,014,504</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; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Loans, financing and debentures</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">15</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">3,030,887</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;">&#160;</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;">3,478,673</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;">Derivative financial instruments</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">26.f</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;">&#160;</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;">&#160;</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;">157,448</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;">&#160;</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;">74,087</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; 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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">31,539</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;">&#160;</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;">44,191</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;">&#160;</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;">438,265</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;">&#160;</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;">480,285</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; 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: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">266</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;">&#160;</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;">903</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;">&#160;</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;">225,743</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;">&#160;</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;">151,230</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; 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; height: 17px;">
<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: middle; background-color: #cceeff; 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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">175,687</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;">&#160;</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;">66,729</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; 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: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">13,924</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;">&#160;</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;">293,165</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;">&#160;</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;">86,197</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;">&#160;</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;">327,471</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; 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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">370</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;">&#160;</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;">175</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;">&#160;</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;">347,561</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;">&#160;</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;">322,074</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; 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: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">17.a</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;">&#160;</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;">&#160;</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;">24,098</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;">&#160;</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;">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 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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">56,357</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;">&#160;</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;">&#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 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: middle; height: 17px;">
<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: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">396</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;">&#160;</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</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;">&#160;</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;">70,643</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;">&#160;</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;">47,788</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;">Leases 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: 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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,834</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;">&#160;</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;">3,012</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;">&#160;</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;">375,534</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;">&#160;</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;">316,460</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; 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; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">&#160;</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;">&#160;</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;">92,544</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;">&#160;</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;">117,090</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; 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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">201</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;">&#160;</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; 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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">613,313</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;">&#160;</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; 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;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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: 10pt; font-weight: bold;">&#160;</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;">86,617</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;">&#160;</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;">369,369</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;">&#160;</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;">8,807,518</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;">&#160;</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;">10,493,201</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Liabilities held for sale</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">28</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; text-align: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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; text-align: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">472,243</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;">&#160;</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; 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 15.8pt; text-indent: 0.4pt;"><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;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">86,617</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;">&#160;</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;">369,369</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;">&#160;</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;">9,279,761</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;">&#160;</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;">10,493,201</font></p>














</td>











</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; font-size: 7pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</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; font-weight: bold;">Non-current liabilities</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: 10pt; font-weight: bold;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Loans, financing and debentures</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">15</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">14,158,009</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;">&#160;</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;">10,381,837</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; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Derivative financial instruments</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">26.f</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;">&#160;</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;">&#160;</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;">294,551</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;">&#160;</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;">367,513</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; 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; height: 17px;">
<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: middle; background-color: #cceeff; 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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">107,166</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;">&#160;</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;">48,047</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; 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; height: 17px;">
<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: middle; height: 17px;">
<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: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">2,875</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;">&#160;</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;">3,679</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;">&#160;</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-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">Deferred income and social contribution taxes</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">724,511</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;">&#160;</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;">132,825</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; 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: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">17.a</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;">1,690</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;">&#160;</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;">1,517</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;">&#160;</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;">208,818</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;">&#160;</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;">198,778</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; 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: middle; background-color: #cceeff; height: 17px;">
<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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">146,628</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;">&#160;</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;">197,396</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;">&#160;</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;">625,222</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;">&#160;</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;">610,572</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; 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: middle; height: 17px;">
<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: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,302</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;">&#160;</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;">5,698</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;">&#160;</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;">1,373,563</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;">&#160;</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;">1,168,692</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; 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; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">29,760</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;">&#160;</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;">63,135</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; 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: middle; height: 17px;">
<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: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">51,549</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;">&#160;</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;">47,745</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">51,549</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;">&#160;</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;">47,745</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; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Provision for loss on investment</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">11</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;">78,507</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;">&#160;</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;">68,530</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;">&#160;</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;">19,820</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;">&#160;</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;">349</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 10.7pt;"><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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">40,560</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;">&#160;</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;">31,299</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;">&#160;</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;">336,015</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;">&#160;</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;">218,420</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 15.8pt; 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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;">326,111</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;">355,060</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;">17,932,663</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;">13,241,429</font></p>














</td>











</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; 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: 7pt;">&#160;</font></p>














</td>
<td style="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; font-size: 7pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;">&#160;</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;">Equity</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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; 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: middle; height: 17px;">
<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: middle; height: 17px;">
<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: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">6,621,752</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;">&#160;</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;">6,621,752</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;">&#160;</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;">6,621,752</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;">Equity instrument granted</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">114,972</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;">&#160;</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;">108,253</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;">&#160;</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;">114,972</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;">&#160;</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;">108,253</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; 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: middle; height: 17px;">
<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: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">611,664</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;">&#160;</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;">612,048</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;">&#160;</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;">611,664</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;">&#160;</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;">612,048</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; 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: middle; background-color: #cceeff; height: 17px;">
<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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(810,331)</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;">&#160;</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;">(596,400)</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;">&#160;</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;">(810,331)</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;">&#160;</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;">(596,400)</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; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Revaluation reserve</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-weight: bold;">20.d</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;">3,543</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;">&#160;</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;">3,632</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;">&#160;</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;">3,543</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;">&#160;</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;">3,632</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; 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: middle; background-color: #cceeff; height: 17px;">
<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: middle; background-color: #cceeff; height: 17px;">
<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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">8,195,221</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;">&#160;</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;">7,987,100</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;">&#160;</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;">8,195,221</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; 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: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">1,421,253</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;">&#160;</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;">&#160;</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;">1,421,253</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;">&#160;</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>











</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; 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">150,810</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">214,212</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;">&#160;</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;">150,810</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</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;">214,212</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;">Shareholder transactions</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-weight: bold;">&#160;</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;">(27,079)</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;">&#160;</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;">&#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;">&#160;</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;">(27,079)</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;">&#160;</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;">&#8208;</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; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar shareholders&#8217; equity</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">16,073,684</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;">&#160;</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;">15,158,718</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;">&#160;</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;">16,073,684</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;">&#160;</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;">15,158,718</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; text-indent: 0.4pt;"><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; height: 17px;">
<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: 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;">&#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;">&#160;</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;">&#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;">&#160;</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;">2,322,085</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;">&#160;</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;">664,726</font></p>














</td>











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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</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;">16,073,684</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;">&#160;</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;">15,158,718</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;">&#160;</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;">18,395,769</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;">&#160;</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;">15,823,444</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; 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: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,486,412</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,883,147</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">45,608,193</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;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt;"><font style="font-family: 'times new roman', times;">39,558,07</font><font style="font-family: 'times new roman', times;">4</font></font></p>














</td>











</tr>


























</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1;"><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>
<div style="margin: 0px; text-indent: 0px;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">

<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;"/>
<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 id="D00v5agz4qfg41cjmbqvjnxd" style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>




</td>
<td style="width: 50%; vertical-align: top;" rowspan="4" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>




</tr>
<tr>
<td style="width: 50%;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_2_7720251359510"><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><br></td>




</tr>
<tr>
<td style="width: 50%;"><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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the periods ended June 30, 2025 and 2024</font></td>




</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<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-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="color: #000000; font-family: 'times new roman', times; 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>&#160;</font></font>Reais<font style="color: #000000; font-family: 'times new roman', times; 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;">, except earnings per thousand shares)</font></p>




</td>




</tr>










</table>
<div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 888px; width: 100%;" width="100%">

<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: 6pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#8206;</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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#160;</font></p>









</td>
<td colspan="7" 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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent</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: 8pt; font-weight: bold;">&#160;</font></p>









</td>
<td colspan="7" 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: 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; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</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;">&#160;<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></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: 8pt; font-weight: bold;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">04/01/2025 to 06/30/2025</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; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">01/01/2025 to 06/30/2025</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; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">04/01/2024 to 06/30/2024</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; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">01/01/2024 to 06/30/2024</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; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">04/01/2025 to 06/30/2025</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; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">01/01/2025 to 06/30/2025</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; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">04/01/2024 to 06/30/2024</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; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">01/01/2024 to 06/30/2024</font></p>









</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 27%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Continuing operations</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 0.5%; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 0.5%; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 0.5%; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 0.5%; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 0.5%; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 0.5%; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 0.5%; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; width: 0.5%; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</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: 9pt; font-weight: bold;">Net revenue from sales and services</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">21</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">34,055,043</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">67,384,305</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">32,343,947</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">62,739,849</font></p>









</td>







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<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: 9pt;">Cost of products and services sold</font></p>









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<td style="padding-left: 3pt; padding-right: 3pt; 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: 9pt;">22</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









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<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">
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<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(31,907,336)</font></p>









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<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(63,094,967)</font></p>









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<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(30,235,855)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









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<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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(58,570,545)</font></p>









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<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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</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: 9pt;">&#160;</font></p>









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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>







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<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: 9pt; font-weight: bold;">Gross profit</font></p>









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<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









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<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">2,147,707</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">4,289,338</font></p>









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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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">2,108,092</font></p>









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<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">4,169,304</font></p>









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<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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</td>







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<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: 9pt; font-weight: bold;">Operating income (expenses)</font></p>









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<td style="padding-left: 3pt; padding-right: 3pt; 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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









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</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: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









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<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 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: 9pt;">Selling and marketing</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt;">22</font></p>









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<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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(648,523)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(1,250,088)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(644,129)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(1,213,129)</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: 9pt;">General and administrative</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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: 9pt;">22</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(14,993)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(27,628)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(12,177)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(24,765)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(539,384)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(1,057,746)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(513,502)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(954,302)</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 9pt;">Results from disposal of assets</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(29)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">2</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">6</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">47</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">15,394</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">20,701</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">37,073</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">73,881</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;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; line-height: inherit;">Other operating income (expenses), net</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">22</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">50,751</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">50,301</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(3,363)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">31,855</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">450,056</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">363,553</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(88,242)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(226,029)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Operating result before share of profit (loss) of subsidiaries, joint ventures and associates, financial result and income and social contribution taxes</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">35,729</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">22,675</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(15,534)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">7,137</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,425,250</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">2,365,758</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">899,292</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,849,725</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; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; 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: 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: 9pt;">11</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,063,301</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,397,065</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">422,983</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">838,361</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">41,418</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(107,665)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(8,013)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(11,097)</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;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; line-height: inherit;">Amortization of fair value adjustments on associates acquisition</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">11</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(402)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(805)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(1,682)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(1,682)</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; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; line-height: inherit;">Gain on acquisition of control of associate</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt;">27.b</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">91,105</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">91,105</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#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 20pt; break-after: avoid; break-inside: avoid; text-indent: 0.75pt; line-height: 1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; line-height: inherit;">Total share of profit (loss) of subsidiaries, joint ventures and associates</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">1,063,301</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">1,397,065</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">422,983</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">838,361</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">132,121</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">(17,365)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">(9,695)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">(12,779)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; font-weight: bold; line-height: inherit;">Income before financial result and income and social contribution taxes</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,099,030</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,419,740</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">407,449</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">845,498</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,557,371</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">2,348,393</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">889,597</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,836,946</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">Financial income</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">23</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">10,699</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">27,980</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">23,126</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">42,872</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">644,368</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">821,258</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">280,585</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">440,780</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: 9pt;">Financial expenses</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">23</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(2,330)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(6,917)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(4,121)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(22,763)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(675,781)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(1,032,640)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(486,333)</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(929,297)</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: 9pt;">&#160;&#160;&#160; Financial result, net</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">23</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">8,369</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">21,063</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">19,005</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">20,109</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">(31,413)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">(211,382)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">(205,748)</font></p>









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<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</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: 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: 9pt;">(488,517)</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; font-weight: bold; line-height: inherit;">Income before income and social contribution taxes</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,107,399</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,440,803</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">426,454</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">865,607</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,525,958</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">2,137,011</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">683,849</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,348,429</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









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<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









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<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









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<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold;">Income and social contribution taxes</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









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<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: 9pt;">&#160;</font></p>









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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









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<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: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









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<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: 9pt;">&#160;</font></p>









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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









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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: 9pt;">&#160;</font></p>









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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









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<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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; line-height: inherit;">Current</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">9.b; 9.c</font></p>









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<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
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</td>
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</td>
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</td>
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</td>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">(10,592)</font></p>









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</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: 9pt;">(306,859)</font></p>









</td>
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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</td>







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<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; 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: 9pt;">9.b</font></p>









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</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: 9pt;">(6,952)</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
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</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: 9pt;">(7,510)</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: 9pt;">&#160;</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: 9pt;">11,461</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: 9pt;">&#160;</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: 9pt;">14,374</font></p>









</td>
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</td>
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</td>
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</td>
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</td>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">114,225</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: 9pt;">&#160;</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: 9pt;">(7,045)</font></p>









</td>







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<td style="padding-left: 3pt; padding-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: 9pt;">&#160;</font></p>









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</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: 9pt;">(7,902)</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: 9pt;">(8,460)</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: 9pt;">11,461</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: 9pt;">3,782</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: 9pt;">(192,636)</font></p>









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</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>







</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; font-weight: bold; line-height: inherit;">Net income from continuing operations</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,099,497</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,432,343</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">437,915</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">869,389</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,171,922</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,535,106</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">491,213</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">946,659</font></p>









</td>







</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt; font-weight: bold;">Discontinued operations</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; line-height: inherit;">Net income (loss) from discontinued operations</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt;">28</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: 9pt;">&#160;</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: 9pt;">(11,133)</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: 9pt;">&#160;</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: 9pt;">(11,133)</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: 9pt;">&#160;</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: 9pt;">&#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: 9pt;">&#160;</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: 9pt;">&#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: 9pt;">&#160;</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: 9pt;">(21,390)</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: 9pt;">&#160;</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: 9pt;">(21,390)</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: 9pt;">&#160;</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: 9pt;">&#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: 9pt;">&#160;</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: 9pt;">&#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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>







</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold;">Net income for the period</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: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,088,364</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,421,210</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">437,915</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">869,389</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,150,532</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,513,716</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">491,213</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">946,659</font></p>









</td>







</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold;">Income attributable to:</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160; Shareholders of Ultrapar</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,088,364</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,421,210</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">437,915</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">869,389</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,088,364</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1,421,210</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">437,915</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">869,389</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;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; line-height: inherit;">&#160; Non-controlling interests in subsidiaries</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">11</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#8208;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">62,168</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">92,506</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">53,298</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">77,270</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; font-weight: bold; line-height: inherit;">Total earnings per share from continuing operations (based on the weighted average number of shares outstanding) &#8211; R$</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>







</tr>
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<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: 9pt;">Basic</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt;">24</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.0103</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.3128</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.3969</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.7895</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.0103</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.3128</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.3969</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.7895</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: 9pt;">Diluted</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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: 9pt;">24</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.9910</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.2902</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.3912</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.7794</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.9910</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.2902</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.3912</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.7794</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>







</tr>
<tr style="height: 35px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 9pt; font-weight: bold; line-height: inherit;">Total earnings per share (based on the weighted average number of shares outstanding) &#8211; R$</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 35px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 35px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 35px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 35px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 35px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 35px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 35px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 35px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&#160;</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: 9pt;">Basic</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt;">24</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.0001</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.3026</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.3969</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.7895</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.0001</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.3026</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.3969</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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.7895</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: 9pt;">Diluted</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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: 9pt;">24</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.9810</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.2801</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.3912</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.7794</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.9810</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">1.2801</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.3912</font></p>









</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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: 9pt;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt;">0.7794</font></p>









</td>







</tr>

















</table>
<p style="margin: 6pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><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>

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

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






</tr>













</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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 id="Doukkwwmbicqus0bhbtfx" style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="line-height: 1.2;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p style="line-height: 1.2;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p style="line-height: 1.2;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>







</td>
<td style="width: 50%; vertical-align: top;" rowspan="4" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>







</tr>
<tr>
<td style="width: 50%;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_3_772025141623893"><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; line-height: inherit;">Statements of comprehensive income</font></a></td>







</tr>
<tr>
<td style="width: 50%;"><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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025 and 2024</font></td>







</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman', times; 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; line-height: inherit;">(In thousands of Brazilian<font style="line-height: inherit;">&#160;</font></font>Reais<font style="color: #000000; font-family: 'times new roman', times; 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; line-height: inherit;">)</font></td>







</tr>
















</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 156px; width: 100%; text-indent: 0px;" 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; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">&#160;</font></p>











</td>
<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;" valign="bottom">
<p style="margin: 0pt; page-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: 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: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<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;" valign="bottom">
<p style="margin: 0pt; page-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: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">04/01/2025 to 06/30/2025</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">01/01/2025 to 06/30/2025</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">04/01/2024 to 06/30/2024</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">01/01/2024 to 06/30/2024</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">04/01/2025 to 06/30/2025</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">01/01/2025 to 06/30/2025</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">04/01/2024 to 06/30/2024</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">01/01/2024 to 06/30/2024</font></p>











</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 26.5%; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Net income for the period, attributable to shareholders of Ultrapar</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 6%; 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: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; 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: 9pt; line-height: inherit;">1,088,364</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.5%; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; 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: 9pt; line-height: inherit;">1,421,210</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.5%; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; 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: 9pt; line-height: inherit;">437,915</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.5%; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; 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: 9pt; line-height: inherit;">869,389</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.5%; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; 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: 9pt; line-height: inherit;">1,088,364</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.5%; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; 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: 9pt; line-height: inherit;">1,421,210</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.5%; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; 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: 9pt; line-height: inherit;">437,915</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.5%; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; 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: 9pt; line-height: inherit;">869,389</font></p>











</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">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: 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: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">62,168</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">92,506</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">53,298</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">77,270</font></p>











</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">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: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">1,088,364</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">1,421,210</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">437,915</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">869,389</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">1,150,532</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">1,513,716</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">491,213</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">946,659</font></p>











</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>











</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">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; 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: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></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: 9pt; line-height: inherit;">&#160;</font></p>











</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: 1.2;">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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(40,512)</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(33,765)</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">405</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">8,629</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(34,339)</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(27,592)</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">405</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">8,629</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Translation adjustments and hedge accounting effects, net of 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: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">(33,051)</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">(29,637)</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">(59,848)</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">(56,434)</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">&#8208;</font></p>











</td>









</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Total comprehensive income for the period</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: 9pt; line-height: inherit;">&#160;</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-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,014,801</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,357,808</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">438,320</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">878,018</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,056,345</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,429,690</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">491,618</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">955,288</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">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: 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: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">1,014,801</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">1,357,808</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">438,320</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">878,018</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">1,014,801</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">1,357,808</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">438,320</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">878,018</font></p>











</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">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: 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: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8208;</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">41,544</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">71,882</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">53,298</font></p>











</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">77,270</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;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The accompanying notes are an integral part of the interim financial information.</font></p>



</div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<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">11</font></font></td>








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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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 id="D7uiin6s78dhpab20dj9rwa" 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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>






</td>
<td style="width: 50%; vertical-align: top;" rowspan="4" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>






</tr>
<tr>
<td style="width: 50%;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_4_772025141753468"><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 changes in equity</font></a></td>






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<tr>
<td style="width: 50%;"><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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the periods ended June 30, 2025 and 2024</font></td>






</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><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; line-height: inherit;">(<font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In thousands of Brazilian<font>&#160;</font>Reais, except dividends per share</font></font><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-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; line-height: inherit;">)</font><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-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; line-height: inherit;">&#160;</font></td>






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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt; line-height: 1.2;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 232px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 13px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: Aptos; font-size: 6pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="vertical-align: bottom; height: 13px; padding: 0px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; 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; line-height: inherit;">&#160;</font></p>










</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 13px; 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;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Equity attributable to:</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Note</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Share capital</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; 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;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Equity instrument granted</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; 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;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Capital reserve</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; 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;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Treasury shares</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; 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;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Revaluation reserve</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; 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;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Profit reserves</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; 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;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Accumulated other comprehensive income</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Shareholder transactions</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; 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;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Retained earnings</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; 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;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Shareholders of Ultrapar</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; 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;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Non-controlling interests <sup>(i)</sup></font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; 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;">&#160;</font></p>










</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', 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: 0px 4px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 29.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>










</td>
<td style="vertical-align: bottom; height: 10px; width: 5%; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">6,621,752</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">108,253</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">612,048</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(596,400)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">3,632</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">8,195,221</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">214,212</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">-</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">15,158,718</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">664,726</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">15,823,444</font></p>










</td>








</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Net income for the period</font></p>










</td>
<td style="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: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,421,210</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,421,210</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">92,506</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,513,716</font></p>










</td>








</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Other comprehensive income</font></p>










</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(63,402)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">-</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(63,402)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(20,624)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(84,026)</font></p>










</td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Total comprehensive income for the period</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#8208;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#8208;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#8208;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#8208;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#8208;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#8208;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">(63,402)</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 7pt; line-height: inherit;">-</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">1,421,210</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">1,357,808</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">71,882</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
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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: 7pt; line-height: inherit;">6,719</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: 7pt; line-height: inherit;">30,403</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: 7pt; line-height: inherit;">31,164</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: 7pt; line-height: inherit;">28,492</font></p>










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</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: 7pt; line-height: inherit;">1,666,929</font></p>










</td>








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<tr style="height: 10px;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
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<td style="text-align: center; vertical-align: bottom; height: 10px;" valign="bottom">
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</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">-</font></p>










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










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










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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










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<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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">-</font></p>










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










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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">-</font></p>










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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
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</td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
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<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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(42,244)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
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</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: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(42,244)</font></p>










</td>








</tr>
<tr style="height: 17px; background-color: #cceeff;">
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</td>
<td style="text-align: center; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">-</font></p>










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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">-</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">4,448</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">-</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
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</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: 7pt; line-height: inherit;">-</font></p>










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










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 7pt; line-height: inherit;">-</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">-</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">4,448</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">-</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">4,448</font></p>










</td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Realization of revaluation reserve</font></p>










</td>
<td style="text-align: center; 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: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#8208;</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: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#8208;</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: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#8208;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">&#8208;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; 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: 7pt; line-height: inherit;">(89)</font></p>










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










</td>
<td style="text-align: center; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">(208,121)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">(208,121)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></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: 7pt; line-height: inherit;">(208,121)</font></p>










</td>








</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Balance as of June 30, 2025</font></p>










</td>
<td style="text-align: center; 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: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">6,621,752</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">114,972</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">611,664</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(810,331)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">3,543</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">7,987,100</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">150,810</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(27,079)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">1,421,253</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; 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;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">16,073,684</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">2,322,085</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">18,395,769</font></p>










</td>








</tr>



















</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>




</div>



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

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







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>







</div>
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>






</td>
<td style="width: 50%; vertical-align: top;" rowspan="4" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>






</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: Aptos; font-size: 13.3333px; 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></td>






</tr>
<tr>
<td style="width: 50%;"><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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the periods ended June 30, 2025 and 2024</font></td>






</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><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; line-height: inherit;">(<font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In thousands of Brazilian<font>&#160;</font>Reais, except dividends per share</font></font><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-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; line-height: inherit;">)</font><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-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; line-height: inherit;">&#160;</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: 209px; width: 100%;" width="100%">

<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: Aptos; font-size: 6pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 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: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td colspan="3" style="padding: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Equity attributable to:</font></p>










</td>
<td style="padding: 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: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; line-height: inherit;">&#160;</font></p>










</td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="color: #0563c1; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; 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: 7pt; font-weight: bold; line-height: inherit;">Note</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Share capital</font></p>










</td>
<td style="padding: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Equity instrument granted</font></p>










</td>
<td style="padding: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Capital reserve</font></p>










</td>
<td style="padding: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Treasury shares</font></p>










</td>
<td style="padding: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Revaluation reserve </font></p>










</td>
<td style="padding: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Profit reserves</font></p>










</td>
<td style="padding: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Accumulated other comprehensive income</font></p>










</td>
<td style="padding: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Retained earnings</font></p>










</td>
<td style="padding: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Shareholders of Ultrapar</font></p>










</td>
<td style="padding: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Non-controlling interests <sup>(i)</sup></font></p>










</td>
<td style="padding: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Total equity</font></p>










</td>








</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 10px; width: 35%; background-color: #cceeff; 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: 7pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">6,621,752</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">75,925</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">597,828</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(470,510)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">3,802</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">6,523,590</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">154,108</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">13,506,495</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">523,331</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 5%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">14,029,826</font></p>










</td>








</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 10px; 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: 7pt; line-height: inherit;">Net income for the period</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: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">869,389</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">869,389</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">77,270</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">946,659</font></p>










</td>








</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 7pt; line-height: inherit;">Other comprehensive income</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">8,629</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">8,629</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">8,629</font></p>










</td>








</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 10px; 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: 7pt; line-height: inherit;">Total comprehensive income for the period</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: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; line-height: inherit;">8,629</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; line-height: inherit;">869,389</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; line-height: inherit;">878,018</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; line-height: inherit;">77,270</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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; 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: 7pt; line-height: inherit;">955,288</font></p>










</td>








</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; 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: 7pt; line-height: inherit;">Issuance of shares related to the subscription warrants - indemnification</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: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">5,631</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">5,631</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">5,631</font></p>










</td>








</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 10px; 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: 7pt; line-height: inherit;">Equity instrument granted</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: 7pt; line-height: inherit;">8.d; 20.b</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">5,566</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">1,888</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">20,226</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
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</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: 7pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>










</td>
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</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: 7pt; line-height: inherit;">&#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; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">27,680</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










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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; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">27,680</font></p>










</td>








</tr>
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<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 7pt; line-height: inherit;">Realization of revaluation reserve of subsidiaries</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










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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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(88)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>










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<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">88</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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</td>








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<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; line-height: inherit;">Shareholder transaction - changes of ownership interest</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#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; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










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<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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>










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<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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9</font></p>










</td>
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">337</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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">346</font></p>










</td>








</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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</td>
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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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: 7pt; line-height: inherit;">13,501</font></p>










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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(43,996)</font></p>










</td>








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<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
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</td>
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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(394)</font></p>










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<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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(394)</font></p>










</td>








</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; 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: 7pt; line-height: inherit;">Approval of additional dividends by the Ordinary General Shareholders&#8217; Meeting </font></p>










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<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: 7pt; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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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; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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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; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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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; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










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<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










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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; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">(134,031)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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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; line-height: inherit;">&#160;</font></p>










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<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: 7pt; line-height: inherit;">&#8208;</font></p>










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<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">(134,031)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">(134,031)</font></p>










</td>








</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; margin: 0px; text-indent: 0px; height: 10px; 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: 7pt; font-weight: bold; line-height: inherit;">Balance as of June 30, 2024</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: 7pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">6,621,752</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 4px; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">81,491</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">605,347</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(450,284)</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">3,714</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">6,389,559</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">162,737</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">869,486</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">14,283,802</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">570,049</font></p>










</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: 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; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">14,853,851</font></p>










</td>








</tr>



















</table>
<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; line-height: inherit;">&#160;</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 19px;">

<tr style="height: 19px;">
<td style="width: 3%; height: 19px; text-align: left; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><sup>(i)</sup></font></td>
<td style="width: 97%; height: 19px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 9pt; 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;">Are substantially represented by non-controlling shareholders of Iconic and Hidrovias.</font></td>






</tr>













</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">The accompanying notes are an integral part of the interim financial information.</font></p>



</div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">13</font></font></td>







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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 id="Drf7dqp9v23z6hzm6f9xn" style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin: 0px; text-indent: 0px;">
<div>
<div style="width: 8.5in; margin: 0 auto;">
<table style="font-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman';">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="font-size: 13pt; font-weight: bold; text-align: justify; float: none; display: inline !important;"><br></font></p>
<p><font style="font-size: 13pt; font-weight: bold; text-align: justify; float: none; display: inline !important;"><br></font></p>
<p><font style="font-size: 13pt; font-weight: bold; text-align: justify; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>



</td>
<td style="width: 50%; vertical-align: top;" rowspan="4" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>



</tr>
<tr>
<td style="width: 50%;"><a style="text-decoration-line: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_6_772025142756984"><font style="font-family: 'times new roman', times; font-weight: bold; float: none; display: inline !important;">Statements of cash flows - indirect method</font></a></td>



</tr>
<tr>
<td style="width: 50%;"><font style="font-family: 'times new roman', times; font-weight: bold; float: none; display: inline !important;">For the periods ended June 30, 2025 and 2024</font></td>



</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 12px; font-style: italic; float: none; display: inline !important;">(In thousands of Brazilian&#160;</font>Reais<font style="font-family: 'times new roman', times; font-size: 12px; font-style: italic; float: none; display: inline !important;">)</font></td>



</tr>







</table>
<div style="margin: 0px; text-indent: 0px;"><br></div>
<div style="margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 618px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">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;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">CASH FLOWS FROM CONTINUING OPERATING ACTIVITIES </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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 57%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net income from continuing operations</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,432,343</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">869,389</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,535,106</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">946,659</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjustments to reconcile net income to cash provided (consumed) by operating activities</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><br></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: 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: 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; line-height: inherit;">11</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,397,065)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(838,361)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">108,470</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,779</font></p>













</td>











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













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













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">218,580</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">254,977</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; line-height: inherit;">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; line-height: inherit;">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; line-height: inherit;">1,454</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,362</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">171,734</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">149,925</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><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; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">13; 14</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,819</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,430</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">526,211</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">453,800</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; line-height: inherit;">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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(23,326)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,397</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">223,575</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">691,925</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current and deferred income and social contribution taxes</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9.b</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,461</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,782)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">601,905</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">401,770</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; line-height: inherit;">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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(35,286)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(31,390)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(109,120)</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity instrument granted&#160; </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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,656</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,416</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,719</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,680</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; line-height: inherit;">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; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,830</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for decarbonization - CBIO</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>













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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">220,453</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">321,269</font></p>













</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Revaluation of investment in 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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(91,105)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













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</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other provisions and adjustments</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(57,988)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">(9,453)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,813)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69,656</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">(26,648)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">15,112</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">3,</font><font style="font-weight: bold; line-height: inherit;">514</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">275</font></font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">3,221,320</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(Increase) decrease in assets</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Trade receivables and reseller financing</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(60,958)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(243,141)</font></p>













</td>











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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,494</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">297,265</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; line-height: inherit;">Recoverable taxes</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,249</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,125</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(186,591)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">203,275</font></p>













</td>











</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends received from subsidiaries, associates and joint ventures</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,064,184</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">526,166</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; 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: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,177</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; 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: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,010</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; line-height: inherit;">Other assets</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(25,993)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,907)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(43,382)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(132,392)</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Increase (decrease) in liabilities</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables and trade payables - reverse factoring</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">16</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,664</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,300</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,517,726)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,057,212)</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 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Salaries and related charges</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,652)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(16,725)</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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(88,846)</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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(95,850)</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Taxes payable</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(637)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(905)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,190)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(38,407)</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; line-height: inherit;">Income and social contribution 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,693</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(31,012)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(459,809)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(512,217)</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other liabilities</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,927</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,054)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">168,341</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(107,044)</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; line-height: inherit;">Acquisition of CBIO and carbon credits</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(245,017)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(450,852)</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payments of contractual assets with customers - exclusivity rights</font></p>













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













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(151,409)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(195,748)</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; line-height: inherit;">Payment of contingencies</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,227)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(30,896)</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income and social contribution taxes paid</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,920)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,210)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(135,603)</font></p>













</td>











</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash provided (consumed) by continuing operating activities </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; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">1,058,787</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">490,180</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; font-weight: bold; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">920,922</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; font-weight: bold; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">724,508</font></p>













</td>











</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash provided (consumed) by discontinued operating activities</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">20,631</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>













</td>











</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash provided (consumed) by operating activities </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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,058,787</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">490,180</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; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">941,553</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; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">724,508</font></p>













</td>











</tr>

























</table>
<div><br></div>






</div>





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

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






</tr>













</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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;">
<p style="margin: 0pt;"><br></p>






</div>
<div style="margin: 0px; text-indent: 0px;">
<div>
<div style="width: 8.5in; margin: 0 auto;">
<div style="margin: 0px; text-indent: 0px;">
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








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<td style="width: 50%; vertical-align: top;" rowspan="4" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>








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<tr>
<td style="width: 50%;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_6_772025142756984"><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 cash flows - indirect method</font></a></td>








</tr>
<tr>
<td style="width: 50%;"><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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the periods ended June 30, 2025 and 2024</font></td>








</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman', times; 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>&#160;</font></font>Reais<font style="color: #000000; font-family: 'times new roman', times; 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></td>








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</table>
<p style="margin: 0pt;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 394px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

<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: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; 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: 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: 8pt; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>














</td>


</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">CASH FLOWS FROM INVESTING ACTIVITIES</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">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; line-height: inherit;">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; line-height: inherit;">32,646</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">142,736</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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,297,518</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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,086,350)</font></p>














</td>


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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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; line-height: inherit;">13; 14</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,503)</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(72,853)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(860,581)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(683,353)</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; line-height: inherit;">Cash provided by disposal of investments and property, plant and equipment</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; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,893</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">74,131</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">976,968</font></p>














</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital increase in subsidiaries, associates and joint ventures</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(357,090)</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(584,085)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</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; line-height: inherit;">Net cash consumed in the purchase of investments and other assets</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(448,298)</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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,102,884)</font></p>














</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash acquired in business combination</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,155,510</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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; line-height: inherit;">-</font></p>














</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash provided (consumed) by continuing investing activities </font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">(326,947)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">(471,309)</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; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">1,218,280</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; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">(2,895,619)</font></p>














</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash provided (consumed) by discontinued investing activities</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(7,591)</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>














</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash provided (consumed) by investing activities</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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-bottom-width: 2.8pt; border-bottom-style: double; 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; line-height: inherit;">(326,947)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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-bottom-width: 2.8pt; border-bottom-style: double; 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; line-height: inherit;">(471,309)</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; font-weight: bold; line-height: inherit;">&#160;</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-bottom-width: 2.8pt; border-bottom-style: double; 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; line-height: inherit;">1,210,689</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">&#160;</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-bottom-width: 2.8pt; border-bottom-style: double; 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; line-height: inherit;">(2,895,619)</font></p>














</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">CASH FLOWS FROM 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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Loans, financing and debentures</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; line-height: inherit;">Proceeds</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; line-height: inherit;">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; line-height: inherit;">&#8208;</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,685,905</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,856,034</font></p>














</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Repayments</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,981,234)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,386,628)</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; line-height: inherit;">Interest and derivatives (paid) or received</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; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,838</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(977,293)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(629,519)</font></p>














</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Payments of lease</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Principal</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; line-height: inherit;">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; line-height: inherit;">(1,587)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,246)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(133,374)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(139,412)</font></p>














</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest paid</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12.b</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(230)</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(463)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(69,243)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(81,328)</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; line-height: inherit;">Dividends 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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(487,360)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(436,665)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(497,696)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(461,204)</font></p>














</td>


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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(68,510)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(81,888)</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; line-height: inherit;">Capital increase made by non-controlling shareholders and redemption of shares</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,700</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,500</font></p>














</td>


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<div style="margin: 0px; text-indent: 0px;"><br></div>





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

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








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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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="margin: 0px; text-indent: 0px;">
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>









</td>
<td style="width: 50%; vertical-align: top;" rowspan="4" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>









</tr>
<tr>
<td style="width: 50%;"><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; 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>
<td style="width: 50%;"><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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the periods ended June 30, 2025 and 2024</font></td>









</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman', times; 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>&#160;</font></font>Reais<font style="color: #000000; font-family: 'times new roman', times; 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></td>









</tr>




















</table>
<p style="margin: 0pt;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 353px; 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; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; 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: 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: 8pt; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>














</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 57%; height: 17px; background-color: #cceeff;"><font style="font-weight: bold;">Capital decrease</font><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8%; height: 17px; background-color: #cceeff;"><br></td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 57%;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Repurchase of treasury shares</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; 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; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(244,334)</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; 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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(244,334)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; 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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>





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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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; line-height: inherit;">(292)</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(398)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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; line-height: inherit;">(4,952)</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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; line-height: inherit;">(13,401)</font></p>














</td>





</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash provided (consumed) by continuing 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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">(733,803)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">(430,934)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">(1,272,031)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">76,154</font></p>














</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; height: 17px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash provided (consumed) by discontinued financing activities</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(12,833)</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>














</td>





</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">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; line-height: inherit;">&#160;</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-bottom-width: 2.8pt; border-bottom-style: double; 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; line-height: inherit;">(733,803)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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-bottom-width: 2.8pt; border-bottom-style: double; 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; line-height: inherit;">(430,934)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">&#160;</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-bottom-width: 2.8pt; border-bottom-style: double; 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; line-height: inherit;">(1,284,864)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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-bottom-width: 2.8pt; border-bottom-style: double; 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; line-height: inherit;">76,154</font></p>














</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Effect of exchange rate changes on cash and cash equivalents in foreign currency - continuing operations</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,346)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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














</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Effect of exchange rate changes on cash and cash equivalents in foreign currency - discontinued operations</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Increase (decrease) in cash and cash equivalents - continuing operations</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,963)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(412,063)</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,094,957)</font></p>














</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Increase (decrease) in cash and cash equivalents - discontinued operations</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">207</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>





</tr>
<tr style="height: 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; line-height: inherit;">Cash and cash equivalents at the beginning of the period - continuing operations</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">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; line-height: inherit;">4,186</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">412,840</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,071,593</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,925,688</font></p>














</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents at the beginning of the period - discontinued operations</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,313</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>





</tr>
<tr style="height: 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; line-height: inherit;">Cash and cash equivalents at the end of the period - continuing operations</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">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; line-height: inherit;">2,223</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">777</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,897,418</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,830,731</font></p>














</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents at the end of the period - discontinued operations</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,520</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>





</tr>
<tr style="height: 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; font-weight: bold; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">&#160;</font></p>














</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">Non-cash transactions:</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">&#160;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">&#160;</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; line-height: inherit;">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; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">156,287</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">97,809</font></p>














</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Addition on contractual assets with customers - exclusivity rights</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,739</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,827</font></p>














</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.3pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reclassification between financial assets and investment in 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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,397</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>














</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">645,333</font></p>














</td>





</tr>




















</table>
<p style="margin: 0pt;"><br><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The accompanying notes are an integral part of the interim financial information.</font></p>




</div>
<div>
<br></div>






</div>





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

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








</tr>

















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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 id="Dohnh2n91u2nx0r1rrdmlt" 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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>






</td>
<td style="width: 50%; vertical-align: top;" rowspan="4" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>






</tr>
<tr>
<td style="width: 50%;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_7_77202514291425"><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>
<td style="width: 50%;"><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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the periods ended June 30, 2025 and 2024</font></td>






</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman', times; 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>&#160;</font></font>Reais<font style="color: #000000; font-family: 'times new roman', times; 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></td>






</tr>














</table>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: Aptos; font-size: 6pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 805px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#8206;</font></p>









</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; 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: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; 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; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; 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; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>









</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 49%; background-color: #cceeff; 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: 9pt; font-weight: bold; line-height: inherit;">Revenues</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8%; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="width: 10%; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="width: 1%; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="width: 10%; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="width: 1%; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="width: 10%; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="width: 1%; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="width: 10%; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Gross revenue from sales and services, except rents and royalties</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">69,859,366</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">65,252,229</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">Rebates, discounts and returns</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">(483,469)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">(514,560)</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Allowance for expected credit losses</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">5</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">(22,664)</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">(12,423)</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">Amortization of contractual assets with customers - exclusivity rights</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">10</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">(218,580)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">(254,977)</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; 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: 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">50,303</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">31,901</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">384,254</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">(152,155)</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">50,303</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">31,901</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">69,518,907</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">64,318,114</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Materials purchased from third parties</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">Cost of products and services sold</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt;"><font style="line-height: inherit;">(6</font><font style="line-height: inherit;">3</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">170</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">560</font><font style="line-height: inherit;">)</font></font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">(58,594,835)</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Materials, energy, third-party services and others</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">120,451</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">103,558</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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">(945,130)</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">(911,480)</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">Provision for assets losses</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">253</font></p>









</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; height: 10px; 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: 9pt; line-height: inherit;">120,451</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; height: 10px; 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: 9pt; line-height: inherit;">103,558</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; height: 10px; 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: 9pt;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">64,115,690</font><font style="line-height: inherit;">)</font></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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; vertical-align: bottom; height: 10px; 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: 9pt; line-height: inherit;">(59,506,062)</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; font-weight: bold; line-height: inherit;">Gross value added</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">170,754</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">135,459</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt;"><font style="line-height: inherit;">5,</font><font style="line-height: inherit;">403,217</font></font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">4,812,052</font></p>









</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Retentions</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: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; 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; background-color: #cceeff; 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: 9pt; line-height: inherit;">12.a; 13; 14</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">(9,273)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">(8,792)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">(697,945)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">(603,725)</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">(9,273)</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">(8,792)</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">(697,945)</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">(603,725)</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; font-weight: bold; line-height: inherit;">Net value added produced by the Company</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">161,481</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">126,667</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">4,705,272</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">4,208,327</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Value added received in transfer</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">Total share of profit (loss) of subsidiaries, joint ventures and associates</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">11</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,397,065</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">838,361</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">(17,365)</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">(12,779)</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Rents and royalties</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">159,123</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">160,235</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">Financial income</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">23</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">27,980</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">42,872</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt;"><font style="line-height: inherit;">821</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">258</font></font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">440,780</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">1,425,045</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">881,233</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">963,016</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">588,236</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; font-weight: bold; line-height: inherit;">Value added from continuing operations available for distribution</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,586,526</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,007,900</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; 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: 9pt; line-height: inherit;">5,668,288</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; 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: 9pt; line-height: inherit;">4,796,563</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Value added from discontinued operations available for distribution</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">(11,133)</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">(21,390)</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>







</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Total value added available for distribution</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,575,393</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,007,900</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; 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: 9pt; line-height: inherit;">5,646,898</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; 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: 9pt; line-height: inherit;">4,796,563</font></p>









</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Distribution of value added</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: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">Personnel and related charges</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Salaries and wages</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">100,514</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">84,817</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">833,868</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">727,991</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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: 9pt; line-height: inherit;">Benefits</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">15,342</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">13,166</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">243,556</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">222,162</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Government Severance Indemnity Fund for Employees (FGTS)</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: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">4,536</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">3,874</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">51,852</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">52,318</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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: 9pt; line-height: inherit;">Others</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">4,490</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">4,745</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">52,515</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">118,414</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">124,882</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">106,602</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">1,181,791</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">1,120,885</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">Taxes, fees, and contributions</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Federal</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">19,551</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">23,591</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">1,568,203</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">1,438,744</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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: 9pt; line-height: inherit;">State</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">242,592</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">272,304</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Municipal</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">222</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">103</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">97,529</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">80,247</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">19,773</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">23,694</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,908,324</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,791,295</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Financial expenses and rents</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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: 9pt; line-height: inherit;">Interest, foreign exchange variations and financial instruments</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt;"><font style="line-height: inherit;">1,</font><font style="line-height: inherit;">898</font></font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,310</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">880,359</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">829,736</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Rents</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">2,304</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">3,097</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">69,328</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">53,040</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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: 9pt; line-height: inherit;">Others</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt;"><font style="line-height: inherit;">5,</font><font style="line-height: inherit;">326</font></font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">3,808</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">93,380</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">54,948</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">9,528</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">8,215</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt;"><font style="line-height: inherit;">1,</font><font style="line-height: inherit;">043,067</font></font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">937,724</font></p>









</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">Remuneration of own capital</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Interest on capital and dividends</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">48,267</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">43,996</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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: 9pt; line-height: inherit;">Retained earnings</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,432,343</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">869,389</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,486,839</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">902,663</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; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">1,432,343</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">869,389</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">1,535,106</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">946,659</font></p>









</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; font-weight: bold; line-height: inherit;">Value added from continuing operations distributed</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,586,526</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">1,007,900</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">5,668,288</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; 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: 9pt; line-height: inherit;">4,796,563</font></p>









</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Value added from discontinued operations distributed</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">(11,133)</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">(21,390)</font></p>









</td>
<td style="padding-left: 3pt; 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: 9pt; line-height: inherit;">&#160;</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; 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: 9pt; line-height: inherit;">&#8208;</font></p>









</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; font-weight: bold; line-height: inherit;">Value added distributed</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; vertical-align: bottom; height: 10px; 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: 9pt; line-height: inherit;">1,575,393</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; vertical-align: bottom; height: 10px; 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: 9pt; line-height: inherit;">1,007,900</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; vertical-align: bottom; height: 10px; 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: 9pt; line-height: inherit;">5,646,898</font></p>









</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#160;</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; background-color: #cceeff; vertical-align: bottom; height: 10px; 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: 9pt; line-height: inherit;">4,796,563</font></p>









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<p style="margin: 5pt 0pt 2pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">The accompanying notes are an integral part of the interim financial information.&#160;</font></p>


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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>








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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>








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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; font-weight: bold; line-height: inherit;">&#160;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bdn_7_772025142114617"><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: 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;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar Participa&#231;&#245;es S.A. (&#8220;Ultrapar&#8221; or &#8220;Company&#8221;) is a publicly-traded company headquartered at the Brigadeiro Lu&#237;s Ant&#244;nio Avenue, 1343 in the city of S&#227;o Paulo &#8211; SP, Brazil, listed on B3 S.A. &#8211; Brasil, Bolsa, Balc&#227;o (&#8220;B3&#8221;), in the Novo Mercado listing segment under the ticker &#8220;UGPA3&#8221; and on the New York Stock Exchange (&#8220;NYSE&#8221;) in the form of level III American Depositary Receipts (&#8220;ADRs&#8221;) under the ticker &#8220;UGP&#8221;.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company engages in the investment of its own capital in services, commercial and industrial activities, through the subscription or acquisition of shares of other companies. Through its subsidiaries, it operates on liquefied petroleum gas distribution and other energies (&#8220;Ultragaz&#8221;), fuel distribution and related businesses (&#8220;Ipiranga&#8221; or &#8220;IPP&#8221;), storage services for liquid bulk (&#8220;Ultracargo&#8221;) and logistics and waterway and multimodal infrastructure (&#8220;Hidrovias&#8221;). The information on segments is disclosed in Note 25. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">This interim financial information was authorized for issuance by the Board of Directors on August 13, 2025.</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; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">a. Principles of consolidation and interest in subsidiaries </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a.1 Principles of consolidation</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the preparation of the consolidated 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: 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;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Consolidation of a subsidiary begins when the Company obtains direct or indirect control over an entity and ceases when the company loses control. Income and expenses of a subsidiary acquired are included in the consolidated statements of income and of comprehensive income from the date the Company gains control. Income and expenses of a subsidiary, in which the Company loses control, are included in the consolidated statements of income and of comprehensive income until the date the Company loses control.</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When necessary, adjustments are made to the financial information of subsidiaries to bring their accounting policies into line with the Company&#8217;s accounting policies.</font></p>








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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>








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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>








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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a.2 Interest in subsidiaries</font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</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 consolidated interim financial information includes the following direct and indirect subsidiaries:</font></p>
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<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; orphans: 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; orphans: 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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; orphans: 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: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; orphans: 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" 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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; orphans: 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" 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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; orphans: 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" 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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; orphans: 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: 19px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; width: 35%; height: 19px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Ultra Mobilidade S.A. </font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; width: 10%; height: 19px; vertical-align: bottom; 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; width: 10%; height: 19px; vertical-align: bottom; 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: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; width: 10%; height: 19px; vertical-align: bottom; 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: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; width: 10%; height: 19px; vertical-align: bottom; 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: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; width: 10%; height: 19px; vertical-align: bottom; 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: 0px; padding-right: 0px; width: 1%; height: 19px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; width: 10%; height: 19px; vertical-align: bottom; 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: 19px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10.45pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Centro de Conveni&#234;ncias Millennium Ltda. and subsidiaries </font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(2)</font></font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: 1;"><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; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>











</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom; background-color: #cceeff;" 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;"><font style="line-height: inherit;">am/pm Comest&#237;veis Ltda.</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;"> (3)</font></font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom; 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: 19px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 19px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom; 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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 17.75pt; break-after: avoid; break-inside: avoid; text-indent: 0pt; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;">Glazed Brasil S.A. (&#8220;Krispy Kreme&#8221;)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>













</td>
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<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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" 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;">am/pm Comest&#237;veis Ltda.</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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;" 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 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;" 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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>











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</td>
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</td>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 22px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10.75pt; break-after: avoid; break-inside: avoid; text-indent: 11pt; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;">Ipiranga Trading North America LLC.</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10.75pt; break-after: avoid; break-inside: avoid; text-indent: 11pt; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;">Ipiranga Trading Middle East DMCC</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dubai</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10.75pt; break-after: avoid; break-inside: avoid; text-indent: 11pt; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;">Ipiranga Trading Europe S.A.</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10.75pt; break-after: avoid; break-inside: avoid; text-indent: 11pt; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;">Ea&#237; Clube Automobilista S.A.</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ipiranga </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">57</font></p>













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</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 19px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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;"><font style="line-height: inherit;">Hidrovias do Brasil S.A. </font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(5)</font></font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hidrovias</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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;">52</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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: 0px; padding-right: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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;">Hidrovias do Brasil &#8211; Vila do Conde S.A. </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px; vertical-align: bottom; 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;">Hidrovias</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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>











</tr>
<tr style="height: 19px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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;"><font style="line-height: inherit;">Hidrovias do Brasil &#8211; Cabotagem Ltda. </font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(6)</font></font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hidrovias</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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: 0px; padding-right: 0px; height: 19px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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;">Hidrovias do Brasil &#8211; Administra&#231;&#227;o Portu&#225;ria de Santos S.A.</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 17px; vertical-align: bottom; 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;">Hidrovias</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 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;">Hidrovias del Sur S.A.</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Uruguay</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: center; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hidrovias</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
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</td>
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</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
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</td>
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</td>
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</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
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</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
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</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" 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: 0px; padding-right: 0px; height: 19px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 19px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
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</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; line-height: inherit;">&#160;</font></p>













</td>
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</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
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</td>
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<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;">&#160;</font></p>













</td>
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<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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
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</td>
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<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
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</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: right; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
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</td>
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<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>
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<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; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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>













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<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; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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 style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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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<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom; 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 class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class="pageno">19</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><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>








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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>








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<td style="height: 15px; width: 3%; 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="text-align: justify; height: 15px; width: 97%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-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;">On January 2, 2025, the name of subsidiary Ultrapar Mobilidade Ltda. was changed to Ultra Mobilidade S.A.</font></td>










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<td style="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;">(2)</font></sup></font></td>
<td style="text-align: justify; height: 15px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-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;">On January, 2025, indirect subsidiary Centro de Conveni&#234;ncias Millenium. and subsidiaries started being directly controlled by am/pm Comest&#237;veis Ltda.</font></td>










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<td style="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;">(3)</font></sup></font></td>
<td style="text-align: justify; height: 15px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-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;">On January, 2025, indirect subsidiary am/pm Comest&#237;veis Ltda. started being directly controlled by Ultra Mobilidade S.A.</font></td>










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<td style="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;">(4)</font></sup></font></td>
<td style="height: 15px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-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;">Company established on May 5, 2025, engaged in the wholesale trade of fuel carried out by carrier-reseller-retailer (TRR).</font></td>










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<td style="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;">(5)</font></sup></font></td>
<td style="height: 15px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-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 May 2025, subsidiary Ultra Log&#237;stica Ltda. became the controlling shareholder of Hidrovias. For further details, see Note 27.b.</font></td>










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<td style="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;">(6)</font></sup></font></td>
<td style="height: 15px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-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;">The information on Hidrovias do Brasil &#8211; Cabotagem is presented as Discontinued Operation according to Note 28.</font></td>










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<td style="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;">(7)</font></sup></font></td>
<td style="height: 15px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-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;">On January 2, 2025, indirect subsidiary Ultracargo Log&#237;stica S.A started being directly controlled by Ultrapar.</font></td>










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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Arial; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</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. Main events that occurred in the period</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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.1 Acquisition of significant stake in Hidrovias</font><br><font style="font-family: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</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;">During the period ended June 30, 2025, the Company, through its subsidiary Ultra Log&#237;stica, acquired additional shares in Hidrovias do Brasil S.A (&#8220;Hidrovias&#8221;), reaching an interest of 52.05% in the share capital of this investee (41.94% as of December 31, 2024), and became the controlling shareholder of Hidrovias. For further information, see Note 27.b.</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;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; color: #ffffff;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BDN17_772025143121444"><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: 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;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The individual and consolidated 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: 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;">&#160;</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&#8217;s interim financial information is presented in thousands of Brazilian Real (&#8220;R$&#8221;), 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. </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;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The preparation of the 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. For the six-month period ended June 30, 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: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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 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: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
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<td style="width: 3%; text-align: left; padding: 1px 10px 1px 1px; height: 15px;"><font style="font-size: 10pt;"><font style="font-size: 10pt;">(i)</font></font></td>
<td style="width: 95%; text-align: justify; height: 15px;"><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-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important;">derivative and non-derivative financial instruments measured at fair value;</font></td>













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<td style="width: 3%; text-align: left; padding: 1px 10px 1px 1px; height: 15px;">(ii)</td>
<td style="width: 95%; text-align: justify; height: 15px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important;">share-based payments and employee benefits measured at fair value;</font></td>













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<td style="width: 2%; height: 15px;"><br></td>
<td style="width: 3%; text-align: left; padding: 1px 10px 1px 1px; height: 15px;">(iii)</td>
<td style="width: 95%; text-align: justify; height: 15px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important;">deemed cost of property, plant and equipment.</font></td>













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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">This interim financial information was prepared using consistent accounting policies and practices on Ultrapar and its subsidiaries.</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;">&#160;</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;">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: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;">&#160;</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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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








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<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>








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<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>








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<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</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;">&#160;</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;">Reclassifications</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: 7pt; font-weight: bold; line-height: inherit;">&#160;</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 style="font-size: 10pt; line-height: inherit;">With the </font><font style="font-size: 10pt; line-height: inherit;">objective</font><font style="font-size: 10pt; line-height: inherit;"> of increasing transparency of derivative financial instrument balances, enabling verification of the amounts in the balance sheet and providing greater comparability between the periods presented, we carried out reclassifications between line items as shown below</font><font style="font-size: 10pt; 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;">&#160;</font></p>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













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<td colspan="5" 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: 17px;">
<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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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 17px; 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;">Published</font></p>













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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 17px; 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;">Reclassified</font></p>













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<tr style="height: 10px;">
<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: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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;">12/31/2024</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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;">Reclassification</font></p>













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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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;">12/31/2024</font></p>













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<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 67%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Current assets (i)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments, derivative instruments and other financial assets </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">2,553,011</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">(2,553,011)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">-</font></p>













</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments and other financial assets </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,306,927</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,306,927</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">246,084</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">246,084</font></p>













</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,553,011</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,553,011</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-current assets (i)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments, derivative instruments and other financial assets</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,407,080</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,407,080)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments and other financial assets</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">2,819,179</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">2,819,179</font></p>













</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">585,294</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">585,294</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other receivables and other assets</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,469</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,607</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">117,076</font></p>













</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; 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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,521,549</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,521,549</font></p>













</td>










</tr>
























</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 224px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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;">Published</font></p>













</td>
<td style="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; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="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; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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;">Reclassified</font></p>













</td>










</tr>
<tr style="height: 10px;">
<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: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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;">12/31/2024</font></p>













</td>
<td style="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; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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;">Reclassification</font></p>













</td>
<td style="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; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; 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;">12/31/2024</font></p>













</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; width: 67%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Current liabilities (ii)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, financing and derivative financial instruments</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">3,175,017</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">(3,175,017)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">377,743</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(377,743)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, financing and debentures</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">3,478,673</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">3,478,673</font></p>













</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; 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; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; 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; line-height: inherit;">74,087</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; 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; line-height: inherit;">74,087</font></p>













</td>










</tr>
<tr style="height: 17px;">
<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: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">3,552,760</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">3,552,760</font></p>













</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-current liabilities (ii)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, financing and derivative financial instruments</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">6,393,232</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">(6,393,232)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures </font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,356,118</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,356,118)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, financing and debentures</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">10,381,837</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">10,381,837</font></p>













</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; 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; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; 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; line-height: inherit;">367,513</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; 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; line-height: inherit;">367,513</font></p>













</td>










</tr>
<tr style="height: 17px;">
<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: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">10,749,350</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">-</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">10,749,350</font></p>













</td>










</tr>
























</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt; line-height: 1.2;"><br></p>
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<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; padding: 0px;" valign="top">
<p style="text-align: justify; line-height: 1.1;">Financial investments, that until the previous quarter were disclosed together with derivative financial instrument assets are now disclosed under separate line items in the statement of financial position.</p>










</td>










</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;" valign="top"><font style="font-size: 8pt;"><sup>(ii)</sup></font></td>
<td style="vertical-align: top; height: 10px;" valign="top">
<p style="text-align: justify; line-height: 1.1;">Loans and financing, that until the previous quarter were disclosed under separate line items of debentures were consolidated and are now disclosed under the same line item; additionally, derivative financial instrument liabilities, that were disclosed on a consolidated basis together with loans and financing are now disclosed under separate line items in the statement of financial position.</p>










</td>










</tr>





















</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt; line-height: 1.2;">&#160; &#160;</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">21</font></font></td>









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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








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<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>








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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>








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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>








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</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BDN15_772025142851226"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3. New accounting policies and changes in accounting policies </font></a></div>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; 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: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18.2pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18.2pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">a.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&#160;&#160;&#160;&#160;&#160; </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: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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.1 Accounting policies adopted</font><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; 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: Aptos; 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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">OCPC 10 &#8211; Carbon Credits</font></li>































</ul>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font><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: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; 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: Aptos; 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 - IASB were not adopted since they are not effective in the period ended June 30, 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; orphans: 0; padding-left: 8.4pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IFRS 18 &#8211; Presentation and Disclosure in Financial Statements</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; orphans: 0; padding-left: 8.4pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IAS 21/ CPC 02 &#8211; The Effects of Changes in Foreign Exchange Rates</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 9.6pt; orphans: 0; padding-left: 8.4pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">IFRS 19 &#8211; Subsidiaries without Public Accountability</font></font></li>



























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<div>
<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="BDN18_772025143142860"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4. Cash and cash equivalents and financial investments</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;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;"><font style="font-family: 'times new roman', times; 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</font> Deposits (&#8220;DI&#8221;), 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.&#160; </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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;">a.</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">&#160;</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Cash and cash equivalents</font></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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: 156px;" width="100%">

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<td style="padding-left: 3pt; padding-right: 3pt; width: 56.9206%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; width: 20.9664%; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>













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<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; width: 20.9664%; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>













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<td style="padding-left: 3pt; padding-right: 3pt; width: 56.9206%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>













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<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













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<td style="padding-left: 3pt; padding-right: 3pt; width: 56.9206%; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and banks</font></p>













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<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













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<td style="padding-left: 0px; padding-right: 0px; width: 0.982801%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.982801%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="width: 9.99181%; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.982801%; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 56.9206%; 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; line-height: inherit;">In local currency</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">1,789</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">120</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">533,236</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.982801%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">211,047</font></p>













</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 56.9206%; 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; line-height: inherit;">In foreign currency</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; 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; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; 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; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; 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; line-height: inherit;">446,221</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 0.982801%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; 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; line-height: inherit;">194,793</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 56.9206%; vertical-align: bottom; height: 17px;" valign="bottom">
<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; width: 9.99181%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.982801%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">&#160;</font></p>













</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 56.9206%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities and funds</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 0.982801%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; 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; line-height: inherit;">&#160;</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 56.9206%; 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; line-height: inherit;">In local currency</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">434</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">4,066</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">1,266,299</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.982801%; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; 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; line-height: inherit;">1,286,152</font></p>













</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 56.9206%; 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; line-height: inherit;">In foreign currency</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">651,662</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 0.982801%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 9.99181%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">379,601</font></p>













</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 56.9206%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total cash and cash equivalents</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,223</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; vertical-align: bottom; 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;" valign="bottom">
<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: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.982801%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,897,418</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 0.982801%; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 9.99181%; vertical-align: bottom; 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;" valign="bottom">
<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: 0pt; line-height: 1.2;"><br></p>








</div>







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

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







</tr>















</table>







</div>
<div>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>








</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>








</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>








</tr>


















</table>
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Financial investments</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 126px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-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;">&#160;</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; line-height: inherit;">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; line-height: inherit;">&#160;</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; line-height: inherit;">Consolidated</font></p>













</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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; line-height: inherit;">&#160;</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: 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: 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; line-height: inherit;">&#160;</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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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; line-height: inherit;">&#160;</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: 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: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 57%; background-color: #cceeff; 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; line-height: inherit;">Financial investments</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities and funds</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In local currency</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">307,431</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">320,101</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">995,664</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">2,271,980</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; 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 <sup>(a)</sup></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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-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;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,512,437</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 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: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="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</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">307,431</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-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; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,508,101</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,126,106</font></p>













</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,431</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 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: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-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;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,088,104</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,306,927</font></p>













</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">Non-current</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">300,000</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">300,001</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,419,997</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,819,179</font></p>













</td>










</tr>
























</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; break-after: avoid; break-inside: avoid; text-indent: -14.2pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="font-size: 8pt; line-height: inherit;"><sup><font style="line-height: inherit;">(a)</font></sup></font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&#160;&#160; </font><font style="line-height: inherit;">Refers substantially to financial investments made by subsidiary Ultrapar International in Time Deposits.</font></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><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="Bdn11_772025142241349"><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;">&#160;</font></p>
<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;">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: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 289px; width: 100%; text-indent: 0px;" width="100%">

<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: 8pt; font-weight: bold; line-height: inherit;">Trade receivables</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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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: 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: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 79%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Domestic customers</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,956,834</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 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; line-height: inherit;">Domestic customers - related parties (see Note 8)</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,910</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 301</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; line-height: inherit;">Foreign customers</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 192,401</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 19,032</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; line-height: inherit;">Foreign customers - related parties (see Note 8)</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; line-height: inherit;"> 2,767</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;"> 8,361</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; line-height: inherit;">&#160;</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; line-height: inherit;"> 4,155,912</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;"> 3,913,004</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; line-height: inherit;">(-) Allowance for expected credit losses</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; line-height: inherit;"> (373,809)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;"> (345,735)</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; line-height: inherit;">Total - trade receivables of customers</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,782,103</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; 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: 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; line-height: inherit;">Current</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,739,280</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 42,823</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 27,003</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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 8pt; font-weight: bold; line-height: inherit;">Reseller financing</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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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: 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: 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; line-height: inherit;">Reseller financing &#8211; Ipiranga</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,345,850</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,404,883</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; line-height: inherit;">(-) Allowance for expected credit losses</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(133,718)</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(126,859)</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; line-height: inherit;">Total &#8211; reseller financing</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,212,132</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; 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: 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; line-height: inherit;">Current</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">493,748</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">718,384</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; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>










</tr>
























</table>
<p style="margin: 0pt; line-height: 1.2;"><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; line-height: inherit;" class="pageno"><font class="pageno">23</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>








</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>








</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</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;"><br></font></p>
<p style="margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Allowance for expected credit losses &#8211; trade receivables and reseller financing</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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 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; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Trade receivables</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; 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: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reseller financing</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; 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: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>













</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 68%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 345,735</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">126,859</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; 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;" valign="bottom">
<p style="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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 56,082</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,074</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">75,156</font></p>













</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reversals</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (18,725)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,987)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(25,712)</font></p>













</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (21,735)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,228)</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(26,963)</font></p>













</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Opening balance - acquisition of subsidiary <sup>(i)</sup></font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12,452</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,452</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; line-height: inherit;">Balance as of June 30, 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; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 373,809</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; 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; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">133,718</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; 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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">507,527</font></p>













</td>










</tr>
























</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;"><sup>(i)</sup> On May 8, 2025, the Company acquired the control of Hidrovias; for further details, see Note 27.b.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td colspan="5" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td colspan="5" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</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: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average rate of expected losses</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Gross accounting balance</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Allowance for expected credit losses</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average rate of expected losses</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Gross accounting balance</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; 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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Allowance for expected credit losses</font></p>













</td>













</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 35%; 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;">Current</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.64%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,225,159</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26,837</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; line-height: inherit;">&#160;</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: 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; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 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: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,517</font></p>













</td>













</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Less than 30 days</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.06%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 230,999</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,749</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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.14%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 141,756</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,452</font></p>













</td>













</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31-60 days</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.39%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 76,633</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,601</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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.26%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 40,402</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 8,186</font></p>













</td>













</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">61-90 days</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.87%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26,927</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,928</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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.96%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 27,360</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,093</font></p>













</td>













</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">91-180 days</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23.86%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 101,314</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 24,171</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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30.37%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 57,289</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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













</td>













</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">More than 180 days</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">53.08%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 840,730</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 446,241</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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54.49%</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 761,460</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 414,950</font></p>













</td>













</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,501,762</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 507,527</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; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,317,887</font></p>













</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>













</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 472,594</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; line-height: inherit;" class="pageno"><font class="pageno">24</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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 id="D6kwueks6kj4qsihr12a1rb" 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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="line-height: 1.2;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p style="line-height: 1.2;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p style="line-height: 1.2;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>

























</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>

























</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>

























</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>

























</tr>




















































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><br></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bn1_772025141752695"><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; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 122px;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; 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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><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: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fuels, lubricants and greases</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,088,071</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; 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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,009,100</font></p>































</td>



























</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;">Raw materials</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">324,621</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-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: 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;">Purchase for future delivery <font style="font-size: 8pt; line-height: inherit;"><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: 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;">172,088</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;">&#160;</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;">255,001</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;">Consumable materials and other items for resale</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">287,748</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-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: 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;">Liquefied petroleum gas - LPG</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;">144,778</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;">&#160;</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;">128,098</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;">Properties for resale</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;">21,289</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-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;</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;">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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,038,595</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,917,076</font></p>































</td>



























</tr>



























































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="vertical-align: super; font-size: 8pt; line-height: inherit;"><sup>(1)</sup> </font>Refers substantially to ethanol, biodiesel and advances for fuel acquisition.</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">Movements in the provision for inventory losses are as follows:</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;">&#160;</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: 14.15pt; 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;">3,920</font></p>































</td>































</tr>
<tr style="height: 14.15pt;">
<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;">(624)</font></p>































</td>































</tr>
<tr style="height: 14.15pt; 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; 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;">(490)</font></p>































</td>































</tr>
<tr style="height: 14.25pt;">
<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 June 30, 2025</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; font-weight: bold; line-height: inherit;">2,806</font></p>































</td>































</tr>































































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><br></p>
<div style="background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bn2_77202514185654"><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;">&#160;</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;">&#160;</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;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 112px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 78.9295%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10.0271%; 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;">06/30/2025</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10.0271%; 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: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 78.9295%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ICMS (a.1)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10.0271%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,538,968</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%; background-color: #cceeff;">
<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: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10.0271%; 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: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 78.9295%;">
<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: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,685,429</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<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: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10.0271%;">
<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: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 78.9295%;">
<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: 17px; background-color: #cceeff; width: 10.0271%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 99,431</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01626%;">
<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: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0271%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 101,152</font></p>































</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 78.9295%;">
<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: 17px; width: 10.0271%; 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;"> 5,323,828</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<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: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10.0271%; 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: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 78.9295%;">
<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: 10px; background-color: #cceeff; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,022,246</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.01626%;">
<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: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.0271%;">
<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: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 78.9295%;">
<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: 17px; width: 10.0271%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,301,582</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<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: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10.0271%;">
<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>































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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="margin: 0pt 0pt 0pt 17pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; 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; 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;">&#160;</font>The recoverable ICMS net of provision for losses is substantially related to the following operations:</font></p>
<p style="margin: 0pt 0pt 0pt 42.5pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; 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; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<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-indent: 0px; text-transform: none; widows: 2; 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; 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: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; 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; 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; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; 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; 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,<font style="line-height: inherit;">&#160;</font>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: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; 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; text-align: justify; line-height: 1.2;"><br></p>
<p style="margin: 0pt; 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; 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>
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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
























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<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>
























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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>
























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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>
























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<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; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">a.2</font> The recoverable PIS and COFINS are substantially related to:</font></p>
<p style="margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">ICMS in the PIS and COFINS calculation basis - </font>The balance of PIS and COFINS includes credits recorded under Laws 10,637/02 and 10,833/03, as well as amounts arising from a STF&#8217;s favorable decision (Theme 69) regarding the exclusion of ICMS from the PIS and COFINS calculation basis. </font></p>
<p style="margin: 5pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the period ended June 30, 2025, the Company, through its subsidiary Ipiranga, recognized effects from tax credits of R$ 848,205 (R$ 487,254 under &#8220;other operating income (expenses)&#8221; and R$&#160;360,951 under &#8220;financial income&#8221;), relating to the periods from November 2008 to December 2024, arising from supplementary calculations (specific regime operations) related to final and unappealable decisions of lawsuits.</font></p>
<p style="margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Supplementary Law 192 -</font> On March 11, 2022 Supplementary Law (&#8220;LC&#8221; 192/22&#8221;) was published to reduce the tax burden of the fuel supply chain. Art. 9 of said law established the reduction of the PIS and COFINS tax rates levied on diesel, biodiesel and LPG to zero through December 31, 2022, ensuring at the same time the maintenance of credits taken across the whole supply chain up to September 21, 2022 (90 days after the publication of LC 194/22 that restricted the right to take credits on taxpayers), when it became effective.</font></p>
<p style="margin: 5pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company, through its subsidiaries, has credits in the amount of R$ 1,242,663 (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, period in which the Company has the ability to use these credits. The estimated realization is updated annually considering the estimated future results.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Recoverable income and social contribution taxes</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">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 the monetary variation (SELIC) in the repetition of undue payments. The Company, through its subsidiaries, has a recoverable IRPJ and CSLL balance of R$ 598,897, of which R$ 286,584 recorded as current and R$ 312,313 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></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;"><br></font></p>
<div 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; background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid;"><a href="#TOC" name="Bn3_77202514184415" style="text-decoration: none; cursor: default; outline: none; pointer-events: none; color: #000000;"><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 -6pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-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; font-style: italic; font-weight: bold; line-height: inherit;">a. Parent</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-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; font-style: italic; font-weight: bold; line-height: inherit;"><br></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; line-height: inherit;">Assets</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; line-height: inherit;">Liabilities</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; line-height: inherit;">06/30/2025</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; line-height: inherit;">12/31/2024</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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; line-height: inherit;">12/31/2024</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;">Transactions with joint ventures</font></p>

















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<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 56.0049%;">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: '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; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: '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; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<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: 17px; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<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; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 56.0049%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%;">
<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>

















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 56.0049%;">
<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: 17px; width: 9.92647%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<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>

















</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: 56.0049%;">
<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<font style="line-height: inherit;">&#160;</font>Produtos<font style="line-height: inherit;">&#160;</font>de<font style="line-height: inherit;">&#160;</font>Petr&#243;leo<font style="line-height: inherit;">&#160;</font>S.A.</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63,267</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<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: 17px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<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: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 56.0049%;">
<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;">Cia<font style="line-height: inherit;">&#160;</font>Ultragaz<font style="line-height: inherit;">&#160;</font>S.A.</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,357</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<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: 17px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: '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; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<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: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 56.0049%;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo<font style="line-height: inherit;">&#160;</font>Log&#237;stica<font style="line-height: inherit;">&#160;</font>S.A.</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">315,880</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">313,873</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<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: middle; height: 17px; background-color: #cceeff; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<p 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;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 56.0049%;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ea&#237;<font style="line-height: inherit;">&#160;</font>Clube<font style="line-height: inherit;">&#160;</font>Automobilista<font style="line-height: inherit;">&#160;</font>S.A.</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">698</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<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: 10px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: '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; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<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: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 56.0049%;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">am/pm<font style="line-height: inherit;">&#160;</font>Comest&#237;veis<font style="line-height: inherit;">&#160;</font>Ltda.</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,511</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<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: 17px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<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>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<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: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 56.0049%;">
<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: 17px; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,257</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<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: 17px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">280</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%;">
<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: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 56.0049%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">416,970</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 1.34804%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">400,062</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 1.34804%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,568</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 1.47059%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,175</font></p>

















</td>

















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 56.0049%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<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>

















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 56.0049%;">
<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 receivables/payables</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">101,943</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<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: 17px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">693</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 9.92647%;">
<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: 10px;">
<td style="padding: 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 56.0049%;">
<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;">Related parties</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,368</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<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: 10px; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<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: 10px; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 9.92647%;">
<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; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 56.0049%;">
<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;">Financial investments&#160;<font style="font-size: 8pt;"><sup>(1)</sup></font></font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">307,659</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%;">
<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; background-color: #cceeff; width: 1.34804%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: '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; width: 1.47059%;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 9.92647%;">
<p 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>



































</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;"><font style="font-size: 8pt; line-height: inherit;"><br></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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-size: 10pt;"><font style="line-height: inherit;"><font style="font-size: 8pt;"><sup>(1)&#160;</sup></font>Refers to funds released to subsidiary<font style="line-height: inherit;">&#160;</font></font>Ultracargo<font style="line-height: inherit;">&#160;</font>Log&#237;stica<font style="line-height: inherit;"><font style="line-height: inherit;">&#160;</font>S.A.</font></font></p>

















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

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" 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;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>





















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>





















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>





















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>





















</tr>












































</table>





















</div>
<div>
<p style="margin: -2pt;"><br></p>





















</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; font-style: italic; font-weight: bold; line-height: inherit;">b. Consolidated</font></p>
<p style="margin: 2pt 0pt -4pt; 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;">&#160;</font></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: -2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 369px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 42.68%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Assets</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; line-height: inherit;">Liabilities</font></p>































</td>
<td style="vertical-align: middle; width: 1.42%; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; 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: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 42.68%; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.36%; 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;">06/30/2025</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; 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; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.66%; 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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; height: 17px;">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.36%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2</font></p>































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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.66%; height: 17px;">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
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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;">24,144</font></p>































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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
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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;">9,846</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;">(344,353)</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;">(239,271)</font></p>































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<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.36%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,959</font></p>































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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
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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;">10,862</font></p>































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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.28%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33</font></p>































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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">416</font></p>































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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.36%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,615</font></p>































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<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
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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;">8,838</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;">7,943</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;">2,921</font></p>































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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">175</font></p>































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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">205</font></p>































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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 42.68%; height: 17px;">
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</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>



























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; height: 10px;">
<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;">Chevron Oronite Brasil Ltda.&#160;<font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(1)</font></font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.36%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,235</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.66%; 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: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.28%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,736</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.98%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,434</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.98%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(114,421)</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(92,926)</font></p>































</td>



























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;">
<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;">Chevron Products Company <font style="font-size: 8pt; line-height: inherit;"><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; width: 8.36%; background-color: #cceeff; 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: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.66%; background-color: #cceeff; 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: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.28%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">120,206</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.98%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">159,432</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.98%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(306,089)</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(326,199)</font></p>































</td>



























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; height: 10px;">
<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;">Others</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.36%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,443</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.66%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,760</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.28%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,118</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.98%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,449</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.98%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,571</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,701)</font></p>































</td>



























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 42.68%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.36%; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">66,579</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.66%; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">57,387</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.28%; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">188,158</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.98%; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">187,036</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.98%; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(762,117)</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(659,892)</font></p>































</td>



























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 42.68%; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="vertical-align: middle; width: 8.36%; height: 10px;">
<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="vertical-align: middle; width: 1.42%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="vertical-align: middle; width: 7.66%; height: 10px;">
<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="vertical-align: middle; width: 1.42%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="vertical-align: middle; width: 8.28%; height: 10px;">
<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="vertical-align: middle; width: 1.42%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="vertical-align: middle; width: 7.98%; height: 10px;">
<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="vertical-align: middle; width: 1.42%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.98%; height: 10px;">
<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: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; height: 10px;">
<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>



























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<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;">Trade receivables (Note 5)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.36%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,677</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.66%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,662</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.28%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.98%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.98%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>



























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; height: 10px;">
<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 receivables</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.36%; height: 10px;">
<p style="margin: 0pt; 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: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.66%; height: 10px;">
<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: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.28%; 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: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.98%; 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: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.98%; 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: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; 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>



























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<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;">Trade payables (Note 16)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.36%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.66%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.28%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">183,702</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.98%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">183,520</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.98%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>



























</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; height: 17px;">
<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 payables</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.36%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.66%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.28%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">777</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 7.98%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.98%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 8.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>



























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<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;">Related parties</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.36%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,653</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.66%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48,309</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.28%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,679</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.98%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,516</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.98%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.96%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>



























</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; height: 17px;">
<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;">Sales and services provided</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.36%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.66%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.28%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.98%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.98%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,667</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.96%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,988</font></p>































</td>



























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; width: 42.68%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<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;">Purchases</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.36%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-family: 'times new roman'; line-height: inherit;">&#160;</font>&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.66%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.28%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 7.98%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.98%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(783,784)</font></p>































</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.42%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 8.96%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(667,880)</font></p>


















</td>


















</tr>





































</table>


















</div>
<div><br></div>
<div>
<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><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; line-height: inherit;">(1)&#160;</font></sup></font></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p>Non-controlling shareholders and other related parties of Iconic.</p>















</td>















</tr>































</table>















</div>
<div>
<div>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Purchase and sale transactions relate substantially to the purchase of raw materials, feedstock, transportation, and storage services based on prices and terms negotiated between the parties, with customers and suppliers with comparable operational performance.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><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; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The<font style="line-height: inherit;">&#160;</font>Ultrapar&#8217;s<font style="line-height: inherit;">&#160;</font>compensation policy and practices are designed to align short and long-term interests with shareholders and the Company&#8217;s sustainability. The short and long-term variable compensation is linked to growth goals in results and generated economic value, aligned with shareholders&#8217; interests. Variable compensation also directs the professionals&#8217; focus to the strategic plan approved by the Board of Directors, and is linked to annual growth goals in financial results and priority matters for the Company.</font></p>
<p style="margin: 0px;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;">

<tr style="height: 14.15pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">06/30/2025</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; font-weight: bold; line-height: inherit;">&#160;</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;">06/30/2024</font></p>

















</td>

















</tr>
<tr style="height: 14.15pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 631.55px; 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: 72.55px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,960</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 3.3375px; background-color: #cceeff;">
<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: 3pt; padding-right: 3pt; vertical-align: bottom; width: 72.5625px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,445</font></p>

















</td>

















</tr>
<tr style="height: 14.15pt;">
<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;">Stock compensation</font></p>

















</td>
<td style="padding-left: 3pt; 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;">36,806</font></p>

















</td>
<td style="padding-left: 3pt; 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;">&#160;</font></p>

















</td>
<td style="padding-left: 3pt; 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;">31,561</font></p>

















</td>

















</tr>
<tr style="height: 14.15pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Post-employment benefits</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">2,155</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&#160;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">2,992</font></p>

















</td>

















</tr>
<tr style="height: 14.15pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,921</font></p>

















</td>
<td style="padding-left: 3pt; 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;">&#160;</font></p>

















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,998</font></p>

















</td>

















</tr>



































</table>
<p style="margin: 0px; text-indent: 0px;"><br></p>

















</div>

















</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; line-height: inherit;" 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;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>





















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>





















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>





















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>





















</tr>












































</table>
<p style="margin: 0pt;"><br></p>

















</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; line-height: inherit;">d. Stock plan (Consolidated)</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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 six-month period ended June 30, 2025.</font></p>


















</div>

















</div>

















</div>
<div style="line-height: 1.2;">
<div style="width: 8.5in; margin: 0 auto;">
<div>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
























</div>
<div>
<p style="margin: 0pt 0pt 12pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below summarizes the restricted and performance stock programs under the 2017 Plan and the 2023 Plan:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 261px; width: 99.9985%; text-indent: 0px;" width="100%">

<tr style="height: 34px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 13.0081%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Program</font></p>































</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 13.0064%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Grant date</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 11.9919%; 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;">Number of shares granted (Quantity)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 11.9919%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Vesting period</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 11.9919%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value of shares on the grant date (in R$)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 11.9919%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.2;"><font style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Total exercisable grant costs, including taxes (in R$</font><font style="font-weight: bold; line-height: inherit;">&#160;</font><font style="font-weight: bold; line-height: inherit;">thousands)</font></font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 1.01626%;">
<p style="margin: 0pt; page-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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 11.9919%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.2;"><font style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Accumulated recognized exercisable grant costs (in R$</font><font style="font-weight: bold; line-height: inherit;">&#160;</font><font style="font-weight: bold; line-height: inherit;">thousands)</font></font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 1.01626%;">
<p style="margin: 0pt; page-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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 11.9919%; 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-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Unrecognized exercisable grant costs (in R$</font><font style="font-weight: bold; line-height: inherit;">&#160;</font><font style="font-weight: bold; line-height: inherit;">thousands)</font></font></p>































</td>


























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.0081%; 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;">Restricted</font></p>































</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.0064%; 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;">September 02, 2019</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9919%; 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;"> 240,000</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9919%; 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; line-height: inherit;">2025</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9919%; 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; line-height: inherit;">16.42</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9919%; 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;"> 6,774</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01626%; 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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9919%; 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;"> (6,587)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01626%; 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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9919%; 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;"> 187</font></p>































</td>


























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0081%;">
<p style="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0064%;">
<p style="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: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-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: 17px; width: 11.9919%;">
<p style="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: 17px; width: 11.9919%;">
<p style="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: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-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: 17px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (4,402)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,062</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: 13.0081%; background-color: #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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0064%; background-color: #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: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 17px; width: 11.9919%; 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: 17px; width: 11.9919%; 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: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (16,508)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,585</font></p>































</td>


























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0081%;">
<p style="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0064%;">
<p style="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 06, 2022</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 44,836</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="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: 17px; width: 11.9919%;">
<p style="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: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,199</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (2,199)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> -</font></p>































</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0081%; background-color: #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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0064%; background-color: #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 06, 2022</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 69,982</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; 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: 17px; width: 11.9919%; 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: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,784</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,784)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> -</font></p>































</td>


























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 13.0081%;">
<p style="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 13.0064%;">
<p style="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: 10px; width: 11.9919%;">
<p style="margin: 0pt; page-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: 10px; width: 11.9919%;">
<p style="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: 10px; width: 11.9919%;">
<p style="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: 10px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 63,943</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (17,569)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 46,374</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: 13.0081%; background-color: #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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0064%; background-color: #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 07, 2022</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 17px; width: 11.9919%; 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: 17px; width: 11.9919%; 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: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (9,746)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 27,965</font></p>































</td>


























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0081%;">
<p style="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0064%;">
<p style="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: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,122,656</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="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: 17px; width: 11.9919%;">
<p style="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: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 30,560</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (22,604)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,956</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: 13.0081%; background-color: #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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0064%; background-color: #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: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 17px; width: 11.9919%; 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: 17px; width: 11.9919%; 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: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (23,364)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,956</font></p>































</td>


























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 13.0081%;">
<p style="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 13.0064%;">
<p style="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: 10px; width: 11.9919%;">
<p style="margin: 0pt; page-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: 10px; width: 11.9919%;">
<p style="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: 10px; width: 11.9919%;">
<p style="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: 10px; width: 11.9919%;">
<p style="margin: 0pt; page-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: 10px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (23,757)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 105,565</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: 13.0081%; background-color: #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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0064%; background-color: #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 17, 2024</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,444,789</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; 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 to 2029</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; 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;">26.94</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 175,861</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (51,586)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 124,275</font></p>































</td>


























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0081%;">
<p style="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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0064%;">
<p style="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: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-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: 17px; width: 11.9919%;">
<p style="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: 17px; width: 11.9919%;">
<p style="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: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-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: 17px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (823)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,645</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: 13.0081%; background-color: #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 colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0064%; background-color: #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;">October 01, 2024</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 17px; width: 11.9919%; 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;">2034</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; 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;">23.10</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-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: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (4,184)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 51,601</font></p>































</td>


























</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 13.0081%;">
<p style="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 colspan="2" 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;">April 03, 2025</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,590,749</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="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 2028</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="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;">17.78</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 153,635</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (10,404)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.01626%;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 11.9919%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 143,231</font></p>































</td>


























</tr>
<tr style="background-color: #cceeff; height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.0081%; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 13.0064%; background-color: #cceeff; height: 10px;" colspan="2"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9919%; text-align: right; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><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;">21,005,598</font></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 11.9919%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 11.9919%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9919%; text-align: right; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">722,919</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01626%; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9919%; text-align: right; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><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;">(197,517)</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1.01626%; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 11.9919%; text-align: right; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><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;">525,402</font></td>


























</tr>


























































</table>
<p style="margin: 0pt;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 85px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 89%; background-color: #cceeff; height: 17px;">
<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; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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; 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: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Shares granted during the period</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; line-height: inherit;">&#160;</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;"> 4,590,749</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; 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; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (159,063)</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; 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; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;"> (1,947,792)</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; line-height: inherit;">Number of shares as of June 30, 2025</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; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 21,005,598</font></p>































</td>































</tr>































































</table>
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company does not have shares that were not transferred after the period for transfer of the ownership of the shares. For the six-month period ended June 30, 2025, an expense in the amount of R$ 53,599 was recognized in relation to the Plan (R$ 53,999 for the period ended June 30, 2024).</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;">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).&#160;</font></p>
<p style="font-size: 10pt; line-height: 108%; 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">28</font></font></td>




















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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>




















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<p style="margin: 0px; text-indent: 0px;"><br></p>
<div style="width: 8.5in; margin: 0 auto;">
<div>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>





















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>





















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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>





















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>





















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<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="Bn4_77202514195885"><font style="color: #ffffff; font-family: Aptos; 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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 438px;" width="100%">

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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>































</td>


























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<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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>































</td>


























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 57%; height: 10px;">
<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;">Assets - Deferred income and social contribution taxes on:</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%; 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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%; 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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%; 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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Provision for losses with assets</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#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;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#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;">41,896</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;">&#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;">41,467</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><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; 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;">49,988</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,261</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">174,957</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">188,495</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Provision for post-employment benefits</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">574</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;">&#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;">516</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#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;">79,580</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;">&#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;">76,166</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Provision for differences between cash and accrual basis<font><sup> (i)</sup></font></font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,117</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,483</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Goodwill</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#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;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#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;">12,546</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;">&#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;">10,317</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Provision for asset retirement obligation</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,948</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,472</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Operating provisions</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,554</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;">&#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;">4,366</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#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;">68,091</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;">&#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;">60,120</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Provision for profit sharing and bonus</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,462</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,246</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48,966</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76,880</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Leases payable</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,426</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;">&#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;">2,961</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#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;">587,131</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;">&#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;">499,988</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Provision for deferred revenue</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">646</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">450</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Other temporary differences</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;">27,906</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;">&#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;">21,762</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;">&#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;">167,670</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;">&#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;">115,753</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Tax losses and negative basis for social contribution carryforwards</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">53,871</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">51,339</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">566,723</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">510,780</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<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;">Total</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">148,781</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">158,451</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,781,271</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,613,371</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Offsetting liability balance</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,661)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,821)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(885,073)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(676,430)</font></p>































</td>


























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<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;">Net balances presented in assets</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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;">135,120</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">142,630</font></p>































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































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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;">896,198</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">936,941</font></p>































</td>


























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<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; line-height: inherit;">Liabilities - Deferred income and social contribution taxes on:</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Leases payable</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,052</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;">&#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;">2,586</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;">&#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;">487,864</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;">&#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;">406,173</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Provision for differences between cash and accrual basis <font><sup>(i)</sup></font></font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">266,783</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">194,846</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Change in fair value of subscription warrants</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;">5,781</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;">&#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;">7,611</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;">&#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;">5,781</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;">&#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;">7,611</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Goodwill/negative goodwill on investments</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,798</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,771</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Business combination - fair value of assets</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#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;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#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;">649,966</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;">&#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;">52,781</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Other temporary differences</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,828</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,624</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">170,392</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">119,073</font></p>































</td>


























</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<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; line-height: inherit;">Total</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,661</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,821</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,609,584</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">809,255</font></p>































</td>


























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; padding-left: 0px; padding-right: 0px; font-family: &quot;times new roman&quot;, times;"><font style="font-family: 'times new roman', times; font-size: 10pt; break-after: avoid; break-inside: avoid;">Offsetting asset balance</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,661)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,821)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(885,073)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(676,430)</font></p>































</td>


























</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<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; line-height: inherit;">Net balances presented in liabilities</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;">&#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;">&#160;</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;">&#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;">&#160;</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;">724,511</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;">&#160;</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;">132,825</font></p>































</td>


























</tr>


























































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

<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><font style="font-size: 8pt;"><sup>(i)</sup></font></td>
<td style="width: 97%;"><font style="text-align: justify; line-height: inherit;">In the consolidated refers mainly to the income and social contribution taxes on foreign exchange variation of the derivative instruments.</font></td>


















</tr>





































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</div>
<div><br></div>

















</div>

















</div>
<div style="line-height: 1.2;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class="pageno">29</font></font></td>























</tr>















































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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
























</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>
























</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>
























</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</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;">Changes in the net balance of deferred IRPJ and CSLL are as follows:</font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>































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































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































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































</td>
























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; 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;">142,630</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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;">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: 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;">(7,510)</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;">&#160;</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;">(130,607)</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-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Deferred IRPJ and CSLL recognized on company acquisition<font style="font-size: 8pt; line-height: inherit;"><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; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</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;">74,730</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 on business combinations</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;">&#160;</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;">(590,220)</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: 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; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</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; line-height: inherit;">13,668</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 June 30, 2025</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">135,120</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">171,687</font></p>































</td>
























</tr>
























































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

<tr>
<td style="width: 3%; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 8pt;"><sup>(i)</sup></font></td>
<td style="width: 97%; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="text-align: justify; line-height: inherit;">On May 8, 2025, the Company acquired the control and began to consolidate&#160;</font>Hidrovias<font style="text-align: justify; line-height: inherit;">. For further details, see Note 27.b.&#160;</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-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Parent</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;">&#160;</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; line-height: inherit;">Consolidated</font></p>































</td>


























</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">06/30/2025</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</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;">06/30/2024</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;">&#160;</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;">06/30/2025</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</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;">06/30/2024</font></p>































</td>


























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; 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;">1,440,803</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">865,607</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">2,137,011</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">1,348,429</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;">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;">
<p style="margin: 0pt; page-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;">
<p style="margin: 0pt; page-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;</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;">34</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;">&#160;</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;">34</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;">&#160;</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;">34</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;">Income and social contribution taxes at the statutory tax rates</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; 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;">(489,873)</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;">&#160;</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; line-height: inherit;">(294,306)</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;">&#160;</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; line-height: inherit;">(726,584)</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;">&#160;</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; line-height: inherit;">(458,466)</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;">Adjustment to the statutory income and social contribution taxes:</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">Nondeductible 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,447)</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;">&#160;</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;">(1,869)</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;">&#160;</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;">(12,065)</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,561)</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;">Nontaxable revenues <font style="font-size: 8pt; line-height: inherit;"><sup>(i)</sup></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;">275</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;">&#160;</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;">253</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">140,038</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;">&#160;</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;">10,919</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;">Adjustment to estimated income</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</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;">4,514</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;">&#160;</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;">1,102</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;">Unrecorded deferred income and social contribution tax carryforwards</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;">&#160;</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;">&#160;</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;">(83,564)</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;">&#160;</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;">(6,305)</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;">Share of profit (loss) of subsidiaries, joint ventures and associates</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;">475,002</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;">&#160;</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;">285,043</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;">&#160;</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;">(5,904)</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;">&#160;</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;">(4,345)</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;">Interest on capital between subsidiaries</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;">&#160;</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,975</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;">&#160;</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;">17,815</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;">Other adjustments</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,583</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;">&#160;</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;">14,661</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,765</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;">&#160;</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;">(4,426)</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;">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-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;">(8,460)</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;">&#160;</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;">3,782</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;">&#160;</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;">(637,825)</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;">&#160;</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;">(451,267)</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;">Tax incentives &#8211; SUDENE <font style="font-size: 8pt; line-height: inherit;"><sup>(ii)</sup></font></font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-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;</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;">35,920</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;">&#160;</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;">49,497</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;">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-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;">(8,460)</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;">&#160;</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;">3,782</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;">&#160;</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;">(601,905)</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;">&#160;</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;">(401,770)</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;">(950)</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;">&#160;</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;">(10,592)</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;">&#160;</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;">(471,298)</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;">&#160;</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;">(394,725)</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</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;">(7,510)</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;">&#160;</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;">14,374</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;">&#160;</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;">(130,607)</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;">&#160;</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;">(7,045)</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;">Effective IRPJ and CSLL rates - %</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;">0.6%</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;">&#160;</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;">(0.4)%</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;">&#160;</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;">28.2%</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;">&#160;</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;">29.8%</font></p>































</td>


























</tr>


























































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

<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="font-size: 10pt; text-align: justify; line-height: inherit;">Consist of gains and income not taxable under the applicable tax legislation.</font></td>

























</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="font-size: 8pt;"><sup>(ii)</sup></font></td>
<td valign="top" style="vertical-align: top;"><font style="font-size: 10pt; text-align: justify; line-height: inherit;">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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><br></p>


















</div>

















</div>

















</div>
<div style="line-height: 1.2;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" 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;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
























</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>
























</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>
























</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>
























</tr>


















































</table>


























</div>
<div>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><font style="font-family: 'times new roman', times; 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: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">c. Tax losses and negative basis for social contribution carryforwards </font></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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 June 30, 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; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances comprising deferred taxes related to income tax loss carryforwards and negative basis of social contribution are as follows:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 122px; 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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 79%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oil Trading</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 74,393</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; 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: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 77,155</font></p>































</td>































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar</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;"> 53,871</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;">&#160;</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;"> 51,339</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><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; height: 16px;">
<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; height: 16px;">
<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: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 300,409</font></p>































</td>































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo Solu&#231;&#245;es Log&#237;stica</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;"> 39,886</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;">&#160;</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;"> 33,553</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hidrovias do Brasil &#8211; Holding S.A</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 29,149</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>































</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69,015</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;">&#160;</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;"> 48,324</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">566,723</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<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: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 510,780</font></p>































</td>































</tr>































































</table>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances which are not constituted of deferred taxes related to income tax loss carryforwards and negative basis of social contribution are as follows:</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">06/30/2025</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;">&#160;</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;"> 44,648</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;">&#160;</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;">Integra Frotas</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 24,717</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;">&#160;</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;"> 21,830</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;">&#160;</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;"> 13,502</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;">&#160;</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;">Abastece a&#237;</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;"> 148,605</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;">&#160;</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;">Hidrovias do Brasil &#8211; Holding S.A</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 121,659</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;">&#160;</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>


























</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;">Hidrovias do Brasil &#8211; Administra&#231;&#227;o Portu&#225;ria de Santos</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;">39,177</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;">&#160;</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;">-</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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,551</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;">&#160;</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;"> 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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 421,689</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 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;"><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="Bn5_772025141928735"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10. Contractual assets with customers - exclusivity rights (Consolidated)</font></a></div>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Refers to exclusivity rights reimbursements of Ipiranga&#8217;s agreements with reseller service stations that are recognized at the time of their occurrence and amortized according to the conditions established in the agreement. Amortizations are recognized in profit or loss as reductions of sales revenue.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Aptos; 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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 119px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; 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; 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; font-weight: bold; line-height: inherit;">2,131,902</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;">Additions </font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">175,148</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;">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;">(218,580)</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; font-weight: bold; line-height: inherit;">Balance as of June 30, 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; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,088,470</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;">&#160;</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;">&#160;</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;">644,450</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;">Non-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;">1,444,020</font></p>































</td>































</tr>































































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><br></p>


















</div>

















</div>

















</div>
<div style="line-height: 1.2;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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




















</tr>









































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>





















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>





















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>





















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>





















</tr>












































</table>





















<br>






</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="Bn6_772025141939166"><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;">&#160;</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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 378px;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="5" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; 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: 48px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 64px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Equity</font></p>































</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 64px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Income (loss) for the year</font></p>































</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 64px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest in share capital - %</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Investment (Provision for losses with investments)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 48px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">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; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 28%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Subsidiaries</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>































</tr>
<tr style="height: 16px;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultra Log&#237;stica Ltda. <font style="font-size: 8pt; line-height: inherit;"><sup>(i)</sup></font></font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,967,708</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,289</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,967,708</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,266,345</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,289</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">192,607</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultrapar International S.A.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(59,309)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,221</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(59,309)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,221</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,143)</font></p>































</td>































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































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































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































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,987)</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultragaz Participa&#231;&#245;es Ltda.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 3.2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">372,263</font></p>































</td>































</tr>
<tr style="height: 16px;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultracargo Log&#237;stica Ltda</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,561,206</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">113,808</font></p>































</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 3.2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99.92</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,559,941</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">113,716</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Companhia Ultragaz S.A.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">939,958</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">287,427</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">939,819</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">287,385</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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 10px; margin: 0px; text-indent: 0px; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">UVC Investimentos Ltda.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,027</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,922)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,027</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,702</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,922)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">511</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Imaven Im&#243;veis Ltda.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76,496</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,702</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76,496</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,702</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,184</font></p>































</td>































</tr>
<tr style="height: 16px;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ultra Mobilidade S.A. (*)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,619,297</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">992,047</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,619,297</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,407,480</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">992,047</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">291,600</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><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; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>































</tr>
<tr style="height: 32px;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,685</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,343</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,319</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(159)</font></p>































</td>































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refinaria de Petr&#243;leo Riograndense S.A. <font style="font-size: 8pt; line-height: inherit;"><sup>(ii)</sup></font></font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(57,932)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(61,375)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33.14</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(19,198)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,016</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(20,380)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,515)</font></p>































</td>































</tr>
<tr style="height: 16px;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total (A)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,131,124</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,397,065</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">838,361</font></p>































</td>































</tr>
<tr style="height: 32px;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total provision for loss on investment (B)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; 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; line-height: inherit;">(78,507)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; 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; line-height: inherit;">(68,530)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 32px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>































</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total investments (A-B)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,209,631</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>































</tr>































































</table>
<p style="margin: 0pt;"><br></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 48px; border-collapse: collapse;">

<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: 1421.91px; vertical-align: top; height: 16px;" valign="top"><font style="font-size: 10pt; line-height: inherit;">Amounts adjusted for unrealized profits in equity and income for the period.</font></td>





















</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px;" valign="top"><font style="font-size: 8pt;"><sup>(i)</sup></font></td>
<td style="vertical-align: top; height: 16px;" valign="top"><font style="font-size: 10pt;"><font style="text-indent: -18.9333px; line-height: inherit;">Balances are presented net of the effects of discontinued operations. For&#160;</font>furhter<font style="text-indent: -18.9333px; line-height: inherit;">&#160;details, see note 28.</font></font></td>





















</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px;" valign="top"><font style="font-size: 8pt;"><sup>(ii)</sup></font></td>
<td style="vertical-align: top; height: 16px;" valign="top"><font style="font-size: 10pt; text-indent: -18.9333px; line-height: inherit;">Investment considers capital loss balances of R$ 9,235 as of June 30, 2025 (R$ 9,666 as of December 31, 2024).</font></td>


















</tr>





































</table>


















</div>
<div><br></div>

















</div>

















</div>
<div style="line-height: 1.2;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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




















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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>





















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>





















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>





















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>





















</tr>












































</table>
<p style="margin: 0pt;"><br></p>

























</div>
<div>
<table cellspacing="0" cellpadding="0" style="height: 744px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="5" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">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;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td rowspan="2" 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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Equity </font></p>































</td>
<td rowspan="2" 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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Income (loss) for the year </font></p>































</td>
<td rowspan="2" 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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Interest in share capital - %</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Investment (Provision for loss on investment)</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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Share of profit (loss) of subsidiaries, joint ventures and associates</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: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; font-weight: bold; line-height: inherit;">06/30/2025</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: 7pt; font-weight: bold; line-height: inherit;">12/31/2024</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: 7pt; font-weight: bold; line-height: inherit;">&#160;</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: 7pt; font-weight: bold; line-height: inherit;">06/30/2025</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: 7pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 28%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Joint ventures</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</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 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Uni&#227;o Vopak &#8211; Armaz&#233;ns Gerais Ltda.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(257)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(798)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">50.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(129)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">270</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(399)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(231)</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Refinaria de Petr&#243;leo Riograndense S.A.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(57,932)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(61,375)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">33.14</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(19,198)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,015</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(20,339)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(10,514)</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 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Latitude Log&#237;stica Portu&#225;ria S.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: 7pt; line-height: inherit;">(190)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(4,639)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">50.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(95)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,225</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(2,319)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,509)</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Navegantes Log&#237;stica Portu&#225;ria S.A.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,754</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(14,339)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">33.33</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,585</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,364</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(4,780)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(3,849)</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 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nordeste Log&#237;stica I S.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: 7pt; line-height: inherit;">19,807</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,929</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">33.33</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,602</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5,959</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">643</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">112</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nordeste Log&#237;stica II S.A.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">56,148</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(200)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">33.33</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">18,716</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">18,782</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(67)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">511</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 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nordeste Log&#237;stica III S.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: 7pt; line-height: inherit;">54,875</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(116)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">33.33</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">18,292</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">18,330</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(38)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">316</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; 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; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,685</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">14</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">50.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,343</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,319</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































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































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(159)</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 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Terminal de Combust&#237;veis Paul&#237;nia S.A. ("Opla")</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">166,538</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5,511</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">50.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">83,269</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">59,694</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,756</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,647</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Limday S.A.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">45,971</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,260</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">44.55</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">20,480</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,007</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Obrinel S.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: 7pt; line-height: inherit;">176,527</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">23,460</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: 7pt; line-height: inherit;">49.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">86,498</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11,495</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Baden S.A.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">21,021</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(384)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">50.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,511</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(192)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>





















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Other investments</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">351</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">281</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>





















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































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Hidrovias do Brasil S.A. (i)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,203,052</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(247,290)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">44.51</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">504,629</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: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(96,520)</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: 7pt; line-height: inherit;">&#8208;</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Transportadora Sulbrasileira de G&#225;s S.A.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">18,255</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,261</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">25.00</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,564</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,498</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,066</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,112</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 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Metal&#250;rgica Plus S.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: 7pt; line-height: inherit;">(1,193)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(149)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">33.33</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(398)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(349)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(50)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(46)</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Plenog&#225;s Distribuidora de G&#225;s S.A.</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,942</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">194</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">33.33</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">981</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,041</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">65</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">513</font></p>































</td>





















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 11.5pt; text-indent: 0.75pt;"><font style="font-size: 7pt;"><font size="1">Other investments</font></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: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">29</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: 7pt; line-height: inherit;">41</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: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
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</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>





















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<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Goodwill on investments</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</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: 7pt; line-height: inherit;">Terminal de Combust&#237;veis Paul&#237;nia S.A. ("Opla")</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</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: 7pt; font-weight: bold; line-height: inherit;">Total (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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">489,945</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">2,148,284</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(108,470)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(12,779)</font></p>































</td>





















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Total provision for loss on investment (B)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(19,820)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(349)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</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: 7pt; font-weight: bold; line-height: inherit;">Total investments (A-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: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</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: 7pt; font-weight: bold; line-height: inherit;">509,765</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: 7pt; font-weight: bold; line-height: inherit;">2,148,633</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>





















</tr>





















































</table>
<p style="margin: 0pt;"><br></p>


















</div>

















</div>

















</div>
<div style="line-height: 1.2;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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























</tr>















































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>























</div>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;"><br></font></font></p>
























</div>
<div style="line-height: 1.2;">
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
























</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>
























</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>
























</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>
























</tr>


















































</table>
<div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><font style="color: #000000; font-family: 'times new roman'; font-size: 8.88889px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="text-align: justify; vertical-align: top; width: 97%;" valign="top"><font style="font-size: 10pt;">On May 8, 2025, the Company acquired the control and began to consolidate Hidrovias. For further details, see Note 27.b. The percentage of interest presented in the note refers to the last percentage before the acquisition of control.</font><br></td>












</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman'; font-size: 8.88889px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;">The amount refers to the advance for the acquisition of P&#227;o de A&#231;&#250;car Group service stations by subsidiary Centro de Conveni&#234;ncias Millenium Ltda.</font><br></td>












</tr>

























</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-size: 10pt;">The financial position and income of subsidiaries which have relevant non-controlling interests is shown below:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 156px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: 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; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="8" 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: 34px;">
<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;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><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; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><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; height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><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</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;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-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;">06/30/2025</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; line-height: inherit;">12/31/2024</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-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;">06/30/2025</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; line-height: inherit;">12/31/2024</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-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;">06/30/2025</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; line-height: inherit;">06/30/2024</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: 38%; background-color: #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;">Subsidiaries</font></p>































</td>
<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: 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; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">%</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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 4.4pt; 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;">Hidrovias do Brasil S.A. <font style="font-size: 8pt; line-height: inherit;"><sup>(i)</sup></font></font></p>































</td>
<td style="padding-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; line-height: inherit;">48%</font></p>































</td>
<td style="padding-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; line-height: inherit;">-</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,627,589</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,297</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-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 0pt 0pt 4.4pt; 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;">Iconic Lubrificantes S.A. <font style="font-size: 8pt; line-height: inherit;"><sup>(i)</sup></font></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; line-height: inherit;">44%</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; line-height: inherit;">44%</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;">&#160;</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;">500,443</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;">484,986</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;">&#160;</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;">57,659</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;">75,475</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 4.4pt; 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;">WTZ Participa&#231;&#245;es S.A. <font style="font-size: 8pt; line-height: inherit;"><sup>(i)</sup></font></font></p>































</td>
<td style="padding-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; line-height: inherit;">48%</font></p>































</td>
<td style="padding-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; line-height: inherit;">48%</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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,044</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-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; 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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,832</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-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 0pt 0pt 4.4pt; 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;">Other investments</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; line-height: inherit;">-</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; 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: 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;">&#160;</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;">80,009</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;">63,491</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;">&#160;</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;">4,718</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;">1,795</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 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;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,322,085</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; page-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; 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;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">92,506</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,270</font></p>































</td>































</tr>































































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

<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: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">(i)</font></td>
<td style="width: 97%;">Considers the effects of allocation of fair value adjustments related to non-controlling interests.</td>
























</tr>

















































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><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; line-height: inherit;" 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;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>





















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>





















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>





















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>





















</tr>












































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><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; 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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 293px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 17.8922%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td colspan="5" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 27.0833%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" 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;">&#160;</font></p>































</td>
<td colspan="11" style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 53.3088%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>































</td>































</tr>
<tr style="height: 34px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 17.8922%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 8.70098%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Subsidiaries</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 6.7402%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Joint ventures</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 8.70098%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 1.47059%;" 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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 6.7402%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Joint ventures</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 8.70098%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Associates</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 6.61765%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Advances</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 1.47059%;" 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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 7.47549%; 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;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Advances for future capital increase</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 7.72059%; 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;">Other investments</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 1.47059%;" 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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 8.70098%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>































</td>































</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 17.8922%; vertical-align: bottom;" valign="bottom">
<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;">Balance as of December 31, 2024</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 8.70098%; vertical-align: bottom;" valign="bottom">
<p style="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="height: 10px; background-color: #cceeff; width: 1.47059%; vertical-align: bottom;" valign="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 6.7402%; vertical-align: bottom;" valign="bottom">
<p style="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; height: 10px; background-color: #cceeff; width: 1.47059%; vertical-align: bottom;" valign="bottom">
<p style="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 8.70098%; vertical-align: bottom;" valign="bottom">
<p style="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; height: 10px; background-color: #cceeff; width: 1.47059%; vertical-align: bottom;" valign="bottom">
<p style="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 6.7402%; vertical-align: bottom;" valign="bottom">
<p style="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; height: 10px; background-color: #cceeff; width: 1.47059%; vertical-align: bottom;" valign="bottom">
<p style="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 8.70098%; vertical-align: bottom;" valign="bottom">
<p style="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; height: 10px; background-color: #cceeff; width: 1.47059%; vertical-align: bottom;" valign="bottom">
<p style="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 6.61765%; vertical-align: bottom;" valign="bottom">
<p style="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; height: 10px; background-color: #cceeff; width: 1.47059%; vertical-align: bottom;" valign="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 7.47549%; vertical-align: bottom;" valign="bottom">
<p style="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; height: 10px; background-color: #cceeff; width: 1.47059%; vertical-align: bottom;" valign="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 7.72059%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 1.47059%; vertical-align: bottom;" valign="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; width: 8.70098%; vertical-align: bottom;" valign="bottom">
<p style="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: 17px;">
<td style="padding: 0px 1px 0px 4px; height: 17px; vertical-align: bottom; width: 17.8922%;" valign="bottom">
<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;">Share of profit (loss) of subsidiaries, joint ventures and associates <sup>(*)</sup></font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.70098%;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: right; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,417,438</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 6.7402%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(20,373)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.70098%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,397,065</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 6.7402%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,226)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.70098%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(95,439)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 6.61765%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.47549%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.72059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.70098%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(107,665)</font></p>































</td>































</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 1px 0px 4px; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 17.8922%;" valign="bottom">
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<td style="padding: 0px 1px 0px 4px; height: 10px; vertical-align: bottom; width: 17.8922%;" valign="bottom">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 8.70098%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>































</td>































</tr>
<tr style="height: 17px;">
<td style="padding: 0px 1px 0px 4px; height: 17px; vertical-align: bottom; width: 17.8922%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other movements</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.70098%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,639</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 6.7402%;" valign="bottom">
<p style="margin: 0pt; page-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)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.70098%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,612</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 6.7402%;" valign="bottom">
<p style="margin: 0pt; page-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</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.70098%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,390)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 6.61765%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.47549%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.72059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.70098%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,386)</font></p>































</td>































</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 1px 0px 4px; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 17.8922%;" valign="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 June 30, 2025 <sup>(i)</sup></font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 8.70098%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 15,146,979</font></p>































</td>
<td style="height: 18px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 6.7402%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (15,855)</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 8.70098%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 15,131,124</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 6.7402%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 394,028</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 8.70098%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,176</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 6.61765%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 86,375</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 7.47549%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 7.72059%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,366</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="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;">&#160;</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom; width: 8.70098%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 489,945</font></p>































</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="height: 85px; width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; margin-left: 0.1px;">

<tr style="height: 17px;">
<td style="height: 17px; width: 3%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="font-size: 8pt; line-height: inherit;"><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; line-height: inherit;">(*)</font></sup></font></td>
<td style="height: 17px; width: 97%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: justify;" valign="bottom"><font style="font-size: 10pt; line-height: inherit;">Adjusted for unrealized profits between subsidiaries.</font></td>
























</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="font-size: 8pt; line-height: inherit;"><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: 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; line-height: inherit;">(i)</font></sup></font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: justify;" valign="bottom"><font style="font-size: 10pt; text-indent: -19.6667px; line-height: inherit;">Investments in subsidiaries, joint ventures and associates net of provision for loss on investment.</font></td>
























</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="font-size: 8pt; line-height: inherit;"><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: 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; line-height: inherit;">(ii)</font></sup></font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: justify;" valign="bottom"><font style="font-size: 10pt; line-height: inherit;"><font style="text-indent: -19.6667px; line-height: inherit;">Amounts refer to grants of long-term incentives in subsidiaries Ultra&#160;</font>Mobilidade<font style="text-indent: -19.6667px; line-height: inherit;">,&#160;</font>Companhia<font style="text-indent: -19.6667px; line-height: inherit;">&#160;</font>Ultragaz<font style="text-indent: -19.6667px; line-height: inherit;">,&#160;</font>Ultracargo<font style="text-indent: -19.6667px; line-height: inherit;">&#160;</font>Log&#237;stica<font style="text-indent: -19.6667px; line-height: inherit;">&#160;and Ultra&#160;</font>Log&#237;stica<font style="text-indent: -19.6667px; line-height: inherit;">.</font></font></td>
























</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="font-size: 8pt; line-height: inherit;"><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: 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; line-height: inherit;">(iii)</font></sup></font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: justify;" valign="bottom"><font style="font-size: 10pt; 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-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px; line-height: inherit;">Amounts refer to the write-off of the investment in&#160;</font>Hidrovias<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-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px; line-height: inherit;">&#160;as an associate through the acquisition of control and consolidation that occurred on May 8, 2025. For further details, see Note 27.b. Additionally, due to the consolidation of&#160;</font>Hidrovias<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-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -19.6667px; line-height: inherit;">, its joint ventures are now included in the consolidated in the amount of R$ 117,276.</font></font></td>
























</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="font-size: 8pt; line-height: inherit;"><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: 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; line-height: inherit;">(iv)</font></sup></font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: justify;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.1;"><font style="font-size: 10pt; line-height: inherit;">Reclassification of the portion of the investment attributed to the sale of the&#160;Cabotage&#160;operation of subsidiary&#160;Hidrovias, according to the opening balance of acquisition of control of&#160;Hidrovias. For further details, see Note 28.a.</font></p>
























</td>
























</tr>

















































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px; line-height: 1.1;"><br></p>


















</div>

















</div>

















</div>
<div style="line-height: 1.2;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" 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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</div><div id="Dkf7bticit3tr810hr0dx" style="font-family: 'times new roman', times; font-size: 10pt;">
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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>

















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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>

















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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>

















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<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_8_77202515395420"><font style="color: #ffffff; font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">12. Right-of-use assets and leases payable (Consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">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; (iv) Hidrovias: port areas and vessels and (v) 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: times new roman; font-size: 10pt; font-style: italic; font-weight: bold; margin: 2pt 0pt 0pt 14pt; orphans: 0; padding-left: 7.3pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Right-of-use assets</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'; font-size: 8pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; height: 27px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average useful life (years)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; height: 27px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">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'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">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'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Transfers (i)</font></p>






















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<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'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 27px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 3.45pt; break-after: avoid; break-inside: avoid; text-align: center; text-indent: -3.45pt; line-height: 1.1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Translation adjustment</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Amortization</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Opening balance &#8211; Acquisition of subsidiary (ii)</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; height: 27px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 06/30/2025</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'; font-size: 10pt; line-height: inherit;">Cost:</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 8%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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</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'; font-size: 10pt; line-height: inherit;">Real estate</font></p>






















       </td>
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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'; font-size: 10pt; line-height: inherit;">9</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 1,987,115</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'; font-size: 10pt; line-height: inherit;"> 48,828</font></p>






















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 220,341</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 2,149,093</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'; font-size: 10pt; line-height: inherit;">Port areas</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">22</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'; font-size: 10pt; line-height: inherit;"> 343,739</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 15,535</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (491)</font></p>






















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<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">-</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 113,132</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 471,915</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'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">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: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 77,147</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (55,755)</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (2,834)</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(70)</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 2,855</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 378,437</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'; font-size: 10pt; line-height: inherit;">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; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2</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'; font-size: 10pt; line-height: inherit;"> 33,645</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 10,863</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (1,290)</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;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (21,499)</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">-</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 21,448</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;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 43,167</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'; font-size: 10pt; line-height: inherit;">Vessels</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 10pt; line-height: inherit;">8</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">
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       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> -</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(3,331)</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 129,300</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;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 125,969</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'; font-size: 10pt; line-height: inherit;">Others</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">20</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; 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'; font-size: 10pt; line-height: inherit;"> 27,846</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,914</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 21,499</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">-</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">53,259</font></p>






















       </td>


















</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 2,749,439</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 156,287</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (164,380)</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (2,834)</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(3,748)</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 487,076</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 3,221,840</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'; font-size: 10pt; line-height: inherit;">Accumulated 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; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<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'; font-size: 10pt; line-height: inherit;"> (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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















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<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 75,159</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</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'; font-size: 10pt; line-height: inherit;">2,038</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'; font-size: 10pt; line-height: inherit;">(1,282,219)</font></p>






















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<tr style="height: 18px; background-color: #cceeff;">
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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'; font-size: 10pt; line-height: inherit;"> 1,671,324</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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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'; font-size: 10pt; line-height: inherit;"> 156,287</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'; font-size: 10pt; line-height: inherit;"> 331,202</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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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'; font-size: 10pt; line-height: inherit;"> 1,939,621</font></p>






















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</tr>









































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

<tr>
<td style="width: 3%; text-align: left; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman'; font-size: 11.1111px; 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;">(i)</font></td>
<td style="width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Refers 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>
<tr>
<td style="text-align: left; vertical-align: top;" valign="top"><font style="font-size: 10pt; line-height: inherit;"><sup><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; line-height: inherit;">(ii)</font></sup></font></td>
<td valign="top" style="vertical-align: top;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; line-height: inherit;">On May 8, 2025, the Company acquired the control of&#160;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: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; line-height: inherit;">;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; line-height: inherit;">f</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; line-height: inherit;">or further details, see Note 27.b.</font></font></td>


















</tr>





































</table>
<p style="margin: 0pt 0pt 0pt 35.45pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -35.45pt; widows: 0;"><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;</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">36</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: 2pt 0pt 0pt; text-align: justify;"><br></p>











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<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="font-size: 13pt; font-weight: bold; text-align: justify; float: none; line-height: inherit; display: inline !important;"><br></font></p>
<p><font style="font-size: 13pt; font-weight: bold; text-align: justify; float: none; line-height: inherit; display: inline !important;"><br></font></p>
<p><font style="font-size: 13pt; font-weight: bold; text-align: justify; float: none; line-height: inherit; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>






</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>






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<td style="width: 50%;"><font style="font-weight: bold; text-align: justify; float: none; line-height: inherit; display: inline !important;">Notes to the interim financial information</font></td>






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<td style="width: 50%; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; text-align: justify; float: none; line-height: inherit; display: inline !important;">For the periods ended June 30, 2025</font></td>






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</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">The changes in leases payable are shown below:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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; background-color: #cceeff; width: 90%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">1,485,152</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'; font-size: 10pt; line-height: inherit;">Interest accrued</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 70,688</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'; font-size: 10pt; line-height: inherit;">Payments of leases</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (133,374)</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'; font-size: 10pt; line-height: inherit;">Interest payment</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (69,243)</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'; font-size: 10pt; line-height: inherit;">Additions and remeasurement</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 156,287</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'; font-size: 10pt; line-height: inherit;">Write-offs</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (47,191)</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'; font-size: 10pt; line-height: inherit;">Opening balance &#8211; acquisition of subsidiary (i)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 286,778</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'; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of June 30, 2025</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; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,749,097</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'; font-size: 10pt; line-height: inherit;">Current</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 375,534</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'; font-size: 10pt; line-height: inherit;">Non-current</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> 1,373,563</font></p>






















       </td>

















</tr>








































    </table>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: left;" 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">(i)</font></sup></font></td>
<td style="width: 97%;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; 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'; line-height: inherit;">On May 8, 2025, the Company acquired the control of 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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; line-height: inherit;">;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; 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'; line-height: inherit;">f</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; 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'; line-height: inherit;">or further details, see Note 27.b.</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'; font-size: 9pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">The undiscounted future cash outflows are presented below:</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%">

<tr style="height: 13.5pt;">
<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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>






















      </tr>
<tr style="height: 13.5pt; 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'; font-size: 10pt; line-height: inherit;">Up to 1 year</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%; 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'; font-size: 10pt; line-height: inherit;">499,571</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">355,336</font></p>






















       </td>






















      </tr>
<tr style="height: 13.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1 to 2 years</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">328,505</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">282,945</font></p>






















       </td>






















      </tr>
<tr style="height: 13.5pt; 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'; font-size: 10pt; line-height: inherit;">2 to 3 years</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">249,690</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">240,984</font></p>






















       </td>






















      </tr>
<tr style="height: 13.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3 to 4 years </font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">201,649</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">188,002</font></p>






















       </td>






















      </tr>
<tr style="height: 13.5pt; 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'; font-size: 10pt; line-height: inherit;">4 to 5 years</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">177,741</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">158,559</font></p>






















       </td>






















      </tr>
<tr style="height: 13.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">1,216,294</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">891,997</font></p>






















       </td>






















      </tr>
<tr style="height: 14.25pt; 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'; font-size: 10pt; line-height: inherit;">Total</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-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; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2,673,450</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2,117,823</font></p>






















       </td>






















      </tr>













































    </table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">The contracts of leases payable are substantially indexed by the IGP-M. </font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b.1. Discount rates</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">The weighted nominal average discount rates for the lease contracts of the Company are:</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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: 13.5pt;">
<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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracts by maturity date and discount rate</font></p>






















       </td>






















      </tr>
<tr style="height: 13.5pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 90%; 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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity dates of the contracts</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Rate (% p.a.)</font></p>






















       </td>






















      </tr>
<tr style="height: 13.5pt; 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'; font-size: 10pt; line-height: inherit;">From 1 to 5 years</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">11.05%</font></p>






















       </td>






















      </tr>
<tr style="height: 13.5pt;">
<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'; font-size: 10pt; line-height: inherit;">From 6 to 10 years</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">10.29%</font></p>






















       </td>






















      </tr>
<tr style="height: 13.5pt; 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'; font-size: 10pt; line-height: inherit;">From 11 to 15 years</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">9.90%</font></p>






















       </td>






















      </tr>
<tr style="height: 13.5pt;">
<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'; font-size: 10pt; line-height: inherit;">More than 15 years</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">9.67%</font></p>






















       </td>






















      </tr>













































    </table>

















</div>
<div>
<p style="margin: 0px; text-align: justify; 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">37</font></font></td>
















</tr>

































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>

















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>

















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>

















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>

















</tr>




































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: Arial; font-size: 9pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Effects of inflation and potential right of recoverable PIS and COFINS - disclosures required by the CVM in the letter SNC/SEP 02/2019</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">The effects of inflation for the period ended June 30, 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 314px; width: 100%;" width="100%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 90%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Right-of-use asset, net</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">Nominal base</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,939,621</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'; font-size: 10pt; line-height: inherit;">Inflated base</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'; font-size: 10pt; line-height: inherit;">2,253,044</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="color: #323130; font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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; 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'; font-size: 10pt; line-height: inherit;">16.2%</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="color: #323130; font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="color: #323130; font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; font-weight: bold; line-height: inherit;">Leases payable</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">Nominal base</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'; font-size: 10pt; line-height: inherit;">1,749,097</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'; font-size: 10pt; line-height: inherit;">Inflated base</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'; font-size: 10pt; line-height: inherit;">2,062,520</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="color: #323130; font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px; 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'; font-size: 10pt; line-height: inherit;">17.9%</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="color: #323130; font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="color: #323130; font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial expenses</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">Nominal base</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">70,688</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'; font-size: 10pt; line-height: inherit;">Inflated base</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'; font-size: 10pt; line-height: inherit;">95,739</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="color: #323130; font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; 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'; font-size: 10pt; line-height: inherit;">35.4%</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="color: #323130; font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="color: #323130; font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; font-weight: bold; line-height: inherit;">Amortization expense</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">Nominal base</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'; font-size: 10pt; line-height: inherit;">171,734</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'; font-size: 10pt; line-height: inherit;">Inflated base</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'; font-size: 10pt; line-height: inherit;">192,293</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="color: #323130; font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px; 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'; font-size: 10pt; line-height: inherit;">12.0%</font></p>






















       </td>






















      </tr>













































    </table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">The possible credits of PIS and COFINS on payments of leases, calculated based on the rate of 9.25% according to the Brazilian tax legislation for the period ended June 30, 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 83px; width: 100%;" width="100%">

<tr style="height: 53px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 53px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 53px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Potential right of recoverable PIS and COFINS</font></p>






















       </td>






















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 90%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Cash flow at present value</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 15px; 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'; font-size: 10pt; line-height: inherit;">161,791</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'; font-size: 10pt; line-height: inherit;">Nominal cash flow</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: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">247,294</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; line-height: inherit;" 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;"/>
<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="margin: 0 auto;">
<div>
<div style="width: 8.5in; margin: 0 auto;">
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>


















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>


















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>


















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>


















</tr>






































</table>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 6pt; line-height: inherit;">&#160;</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_9_772025154022426"><font style="color: #ffffff; font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">13. Property, plant, and equipment (Consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100.08%; height: 443px;" width="100%">

<tr style="height: 66px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 66px; width: 18.7271%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 66px; border-bottom-color: #000000 !important; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average useful life (years)</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 66px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 66px; border-bottom-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2024</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 66px; width: 1.46879%; 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'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 66px; border-bottom-color: #000000 !important; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Additions</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 66px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 66px; border-bottom-color: #000000 !important; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Depreciation</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 66px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 66px; border-bottom-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Transfers (i)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 66px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 66px; border-bottom-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Write-offs</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 66px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 66px; border-bottom-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Translation adjustment</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 66px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 66px; border-bottom-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Opening balance &#8211; acquisition of subsidiary (ii)</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 66px; width: 1.46879%; 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'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 66px; border-bottom-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 06/30/2025</font></p>























       </td>


















</tr>
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 18.7271%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Cost:</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.69033%;" valign="bottom">
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</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">Land</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">609,624</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 8.20073%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 7.46634%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 7.46634%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">205,165</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">807,690</font></p>























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</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">Buildings</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,745,097</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">47,868</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.20073%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">31,430</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(6,890)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 7.46634%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">823,403</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2,640,908</font></p>























       </td>


















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 18.7271%;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Leasehold improvements</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">16</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,415,342</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">22,742</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
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       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">27,621</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(27,462)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,856)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">164,144</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,600,531</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; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">Machinery and equipment</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">10</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,758,370</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">75,531</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">235,587</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(20,913)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(2,251)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">687,524</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">4,733,848</font></p>























       </td>


















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 18.7271%;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1.2;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Automotive fuel/lubricant distribution equipment and facilities</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">14</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,199,426</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">35,644</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">114,805</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(107,635)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,242,240</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; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">Push boats, barges, ships</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">20</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(100,195)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,985,628</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,885,433</font></p>























       </td>


















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">LPG tanks and bottles</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">8</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,085,787</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">58,900</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">109</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(14,090)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,130,706</font></p>























       </td>


















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">Vehicles</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">7</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">395,885</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">5,449</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,603</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(9,198)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(24)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">878</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">394,593</font></p>























       </td>


















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">Furniture and fixtures</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">8</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">221,572</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">8,457</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(6,456)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(5,413)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(34)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,623</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">221,749</font></p>























       </td>


















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">IT equipment</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">5</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">321,250</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">8,476</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,591</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(7,857)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(242)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">47,386</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">372,604</font></p>























       </td>


















</tr>
<tr style="height: 30px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">Construction in progress</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 30px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,347,892</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 30px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">424,909</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 8.20073%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(386,128)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 7.46634%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,172)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 30px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">211,310</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 30px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
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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'; font-size: 10pt; line-height: inherit;">1,595,591</font></p>























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</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 18.7271%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">44,966</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">215</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.20073%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(24,974)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(8,208)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">11,999</font></p>























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</tr>
<tr style="height: 15px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 18.7271%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 15px; border-bottom-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,128</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 15px; border-bottom-color: #000000 !important; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">23</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 15px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 15px; border-bottom-color: #000000 !important; width: 8.69033%;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
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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'; font-size: 10pt; line-height: inherit;">3,151</font></p>























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</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 18.7271%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 10px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">14,148,339</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
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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'; font-size: 10pt; line-height: inherit;">688,214</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
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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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 10px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(2,812)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 10px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(215,985)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 10px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(105,774)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 10px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">6,129,061</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 10px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">20,641,043</font></p>























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</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 18.7271%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Accumulated depreciation:</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; height: 10px; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; height: 10px; border-top-color: #000000 !important; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; height: 10px; border-top-color: #000000 !important; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; height: 10px; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; height: 10px; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; height: 10px; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; height: 10px; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-top-width: 2.8pt; border-top-style: double; height: 10px; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">Buildings</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(558,622)</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(49,791)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(80)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,938</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(226,529)</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(833,084)</font></p>























       </td>


















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 18.7271%;" 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'; font-size: 10pt; line-height: inherit;">Leasehold improvements</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(748,916)</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(34,237)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">775</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">28,412</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">586</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(57,745)</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">915</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 28px; width: 18.7271%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 28px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 28px; width: 8.69033%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 28px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 28px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(68,122)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 28px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 28px; width: 7.46634%;" valign="bottom">
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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'; font-size: 10pt; line-height: inherit;">105,010</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 28px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 28px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(2,086,867)</font></p>























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</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 18.7271%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(27,476)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">6</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">33,819</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,143,682)</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,137,333)</font></p>























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</tr>
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 18.7271%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(670,068)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 6.60955%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(48,856)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1.46879%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 18.7271%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 7.46634%;" valign="bottom">
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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'; font-size: 10pt; line-height: inherit;">(146,481)</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 18.7271%;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
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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'; font-size: 10pt; line-height: inherit;">(265,675)</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'; font-size: 10pt; line-height: inherit;">7,131</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'; font-size: 10pt; line-height: inherit;">(24,567)</font></p>























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<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 18.7271%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 16px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(7,011,042)</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 16px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 16px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(388,114)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 16px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,947)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 16px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">162,203</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 16px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">35,468</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 16px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,853,413)</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 16px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(9,056,845)</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; width: 18.7271%;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0.4pt; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Provision for impairment losses</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,331)</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,331)</font></p>























       </td>


















</tr>
<tr style="height: 26px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 26px; width: 18.7271%;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Property, plant and equipment, net</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 26px; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 26px; width: 1.10159%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 26px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">7,135,966</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 26px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 26px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 6.60955%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">688,214</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 26px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 26px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.20073%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(388,114)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 26px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 26px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(4,759)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 26px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 26px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(53,782)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 26px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 26px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 7.46634%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(70,306)</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 26px; width: 1.46879%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 26px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">4,275,648</font></p>























       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 26px; width: 1.46879%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>























       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-width: 1px; border-top-style: solid; height: 26px; border-bottom-color: #000000 !important; border-top-color: #000000 !important; width: 8.69033%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">11,582,867</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3%; text-align: left; vertical-align: top;" 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">(i)</font></sup></font></td>
<td style="width: 97%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-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 R$ 7,860 transferred to intangible assets and R$ 3,101 received from right-of-use assets.</font></td>


















</tr>
<tr>
<td style="text-align: left; vertical-align: top;" 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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><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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">ii)</font></sup></font></td>
<td><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; 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'; line-height: inherit;">On May 8, 2025, the Company acquired the control of<font style="line-height: inherit;">&#160;</font>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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; line-height: inherit;">; f</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; 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'; line-height: inherit;">or further details, see Note 27.b.</font></font></td>


















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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>


















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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>


















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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>


















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<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Construction in progress relates substantially to expansions, renovations, constructions and upgrade of the terminals&#8217; assets, service stations and distribution bases.</font></p>
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<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Advances to suppliers are basically related to manufacturing of assets for expansion of terminals, distribution bases and acquisition of real estate.</font></p>









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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_772025161130"><font style="color: #ffffff; font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">14. Intangible assets (Consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average useful life (years)</font></p>






















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<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 12/31/2024</font></p>






















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






















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






















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Transfers (i)</font></p>






















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Write-offs</font></p>






















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<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Translation adjustment</font></p>






















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<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Acquisition of subsidiaries (ii)</font></p>






















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 06/30/2025</font></p>






















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<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Cost:</font></p>






















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<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Goodwill (a)</font></p>






















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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">982,359</font></p>






















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       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">332,374</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,314,733</font></p>






















       </td>

















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Software</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">4</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,707,645</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">142,055</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">8,087</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(12,206)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(207)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">152,383</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,997,757</font></p>






















       </td>

















</tr>
<tr style="height: 18px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'times new roman'; line-height: inherit;">Customer </font><font style="font-family: 'times new roman'; line-height: inherit;">contracts</font></font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">9</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(271)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,235,129</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 2pt 0pt 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,234,858</font></p>






















       </td>

















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Distribution rights</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">13</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">176,687</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">35,856</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">212,543</font></p>






















       </td>

















</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Brands</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">61,366</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">538</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(22)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">61,882</font></p>






















       </td>

















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Trademark rights</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">30</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">121,001</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">20</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(15)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">121,006</font></p>






















       </td>

















</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Others</font></p>






















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






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">10,611</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(414)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">10,197</font></p>






















       </td>

















</tr>
<tr style="height: 32px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; background-color: #cceeff; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 32px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Intangible assets in progress</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,833</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(24)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(95)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">33,999</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">35,713</font></p>






















       </td>

















</tr>
<tr style="height: 32px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 32px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Decarbonization credits (CBIO)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">322</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">245,017</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<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: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(166,535)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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: 32px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">78,804</font></p>






















       </td>

















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,059,991</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">424,781</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">8,172</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(178,763)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(573)</font></p>






















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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,753,885</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">5,067,493</font></p>






















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<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Accumulated amortization:</font></p>






















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<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; background-color: #cceeff; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom"><br></td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,013,618)</font></p>






















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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; 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'; font-size: 10pt; line-height: inherit;">(129,585)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(774)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">10,993</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">152</font></p>






















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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(103,340)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,236,172)</font></p>






















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</tr>
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<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'times new roman'; line-height: inherit;">Customer </font><font style="font-family: 'times new roman'; line-height: inherit;">contracts</font></font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(277)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">199</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(25,239)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(25,317)</font></p>






















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</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; background-color: #cceeff; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Distribution rights</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(110,819)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(3,510)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(273)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(114,602)</font></p>






















       </td>

















</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Trademark rights</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(22,997)</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;" valign="bottom">
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(24,644)</font></p>






















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<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; background-color: #cceeff; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;" valign="bottom">
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(6,586)</font></p>






















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</tr>
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<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'; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,151,661)</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; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; height: 17px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(138,097)</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; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(312)</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">10,977</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">351</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(128,579)</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(1,407,321)</font></p>






















       </td>

















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






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,908,330</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">424,781</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(138,097)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">7,860</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(167,786)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(222)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,625,306</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; 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; height: 18px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,660,172</font></p>






















       </td>

















</tr>








































    </table>
<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3%; text-align: left;"><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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">(i)</font></sup></font></td>
<td style="width: 97%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-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 R$ 7,860 received from property, plant and equipment.</font></td>

















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<tr>
<td style="text-align: left;"><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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">(ii)</font></sup></font></td>
<td><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; 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'; line-height: inherit;">On May 8, 2025, the Company acquired the control of<font style="line-height: inherit;">&#160;</font>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: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; line-height: inherit;">; f</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; 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'; line-height: inherit;">or further details, see Note 27.b.</font></font></td>

















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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">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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<div>
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<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>

















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<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>

















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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>

















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<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>

















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<p style="margin: 2pt 0pt 0pt; text-align: justify;"><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'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Goodwill</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">&#160;</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: 239px;" width="100%">

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<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'; font-size: 10pt; line-height: inherit;">&#160;</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: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Segment</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><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; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>






















       </td>

















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<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 68%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Goodwill on the acquisition of:</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">Hidrovias (27.b)</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'; font-size: 10pt; line-height: inherit;">Hidrovias</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">332,374</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>

















</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Ipiranga <font style="font-size: 8pt; line-height: inherit;"><sup>(i)</sup></font></font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">276,724</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">276,724</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'; font-size: 10pt; line-height: inherit;">Uni&#227;o Terminais</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'; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">211,089</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">211,089</font></p>






















       </td>

















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Texaco</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">177,759</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">177,759</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'; font-size: 10pt; line-height: inherit;">Stella</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'; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">103,051</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">103,051</font></p>






















       </td>

















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Iconic (CBLSA)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">69,807</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">69,807</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'; font-size: 10pt; line-height: inherit;">WTZ (27.c)</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'; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">52,038</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">52,038</font></p>






















       </td>

















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Temmar</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">43,781</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">43,781</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'; font-size: 10pt; line-height: inherit;">DNP</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'; font-size: 10pt; line-height: inherit;">Ipiranga</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">24,736</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">24,736</font></p>






















       </td>

















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Repsol</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">13,403</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">13,403</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'; font-size: 10pt; line-height: inherit;">Neog&#225;s</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'; font-size: 10pt; line-height: inherit;">Ultragaz</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">7,761</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">7,761</font></p>






















       </td>

















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Serra Diesel</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Ultrapar</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,413</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,413</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'; font-size: 10pt; line-height: inherit;">TEAS</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'; font-size: 10pt; line-height: inherit;">Ultracargo</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">797</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'; font-size: 10pt; line-height: inherit;">&#160;</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: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">797</font></p>






















       </td>

















</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,314,733</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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; height: 15px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: left;" 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">(i)</font></sup></font></td>
<td style="width: 97%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Including R$ 246,163 presented as goodwill at the Parent.</font></td>

















</tr>



































</table>
<p style="margin: 0pt;">&#160;</p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">The goodwill presented above is based on the expectation of future profitability, supported by appraisal reports, after allocation of the identified assets. In the six-month period ended June 30, 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Goodwill from investments in joint ventures and associates is presented under investments, for further information see Note 11.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;" class="pageno"><font class="pageno">41</font></font></td>
















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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
















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<div style="width: 8.5in; margin: 0px auto; line-height: 1.2;">
<p style="margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>

















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>

















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<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>

















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<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>

















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</table>
<div style="line-height: 1;">
<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; text-align: justify; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_11_772025161121484"><font style="color: #ffffff; font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">15. Loans, financing and debentures</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Breakdown</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 503px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

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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'; font-size: 8pt; line-height: inherit;">&#160;</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'; font-size: 8pt; line-height: inherit;">&#160;</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'; font-size: 8pt; line-height: inherit;">&#160;</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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 8pt; line-height: inherit;">&#160;</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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 8pt; line-height: inherit;">&#160;</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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;"><br></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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>






















       </td>

















</tr>
<tr style="height: 13px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; width: 36%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Description</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Index/</font><br><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Currency</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average financial charges 2025 (p.a.)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Weighted average hedging instruments</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; width: 10%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 13px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" 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'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 13px; width: 10%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>

















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Notes in the foreign market</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">USD</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">5.3%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">142.5% of DI (*)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">2026 to 2029</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">4,152,529</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">Notes in the foreign market</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">USD</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">5.0%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">CDI + 1.6% (**)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">2031</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">1,052,671</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>

















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Foreign loan</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">USD</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">4.6%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">106.2% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">2025 to 2026</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,027,296</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">691,006</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'; font-size: 10pt; line-height: inherit;">Foreign exchange debentures</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">USD</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">5.3%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">101.7% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">2026</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">329,688</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>

















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Foreign loan</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">SOFR + US$</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">0.9%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">102.9% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">2026</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">547,556</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>

















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Foreign exchange debentures</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">EUR</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">3.0%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">104.4% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">2027</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">502,630</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>

















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Foreign loan</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">EUR</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">4.4%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">109.2% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">2025</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">Foreign loan</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">JPY</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">4.6%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">109.4% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">2025</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br></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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">501,524</font></p>






















       </td>

















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Total in foreign currency</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; 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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">7,612,370</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">Brazilian Reais:</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>

















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Debentures &#8211; CRA</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">IPCA</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">5.3%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">103.1% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">2025 to 2032</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">2,602,938</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">2,456,111</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'; font-size: 10pt; line-height: inherit;">Debentures</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">CDI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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'; font-size: 10pt; line-height: inherit;">1.0%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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'; font-size: 10pt; line-height: inherit;">n/a</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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'; font-size: 10pt; line-height: inherit;">2026 to 2031</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2,500,311</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">731,667</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'; font-size: 10pt; line-height: inherit;">Debentures</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">IPCA</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">5.0%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">102.8% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">2028 to 2031</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,032,575</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">534,706</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'; font-size: 10pt; line-height: inherit;">CCB</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">CDI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">103.5%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">n/a</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">2027</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">773,942</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">Financing</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">R$</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">14.6%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">106.6% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">2027</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">516,378</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>

















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">CDCA</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">CDI + R$</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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'; font-size: 10pt; line-height: inherit;">0.9%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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'; font-size: 10pt; line-height: inherit;">n/a</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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'; font-size: 10pt; line-height: inherit;">2027</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">507,344</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">534,374</font></p>






















       </td>

















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Debentures &#8211; CRA</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">Fixed rate</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">11.2%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">104.3% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">2027</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">504,026</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">Debentures &#8211; CRA</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">CDI + R$</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">0.7%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">n/a</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">2027</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">493,458</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">CDCA</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">CDI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">109.0%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">n/a</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">2026 to 2027</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">205,723</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">293,374</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'; font-size: 10pt; line-height: inherit;">Constitutional Fund (FNE)</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">IPCA</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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'; font-size: 10pt; line-height: inherit;">2.9%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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'; font-size: 10pt; line-height: inherit;">69.5% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2028 to 2041</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">194,759</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">114,472</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'; font-size: 10pt; line-height: inherit;">Constitutional Fund (FNO)</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">IPCA</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">3.1%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">n/a</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">2028 to 2037</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">105,237</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>

















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Debentures</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">IPCA</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">6.3%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">n/a</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">2032 to 2034</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">82,710</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">BNDES</font></p>






















       </td>
<td style="padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">R$</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">9.4%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">n/a</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">2025 to 2040</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">23,232</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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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






















       </td>

















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">FINEP</font></p>






















       </td>
<td style="padding-left: 3pt; padding-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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; 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'; font-size: 10pt; line-height: inherit;">TJLP</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">1.0%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">n/a</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">2025 to 2032</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" 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'; font-size: 10pt; line-height: inherit;">33,893</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">679</font></p>






















       </td>

















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Total in Brazilian Reais</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">9,576,526</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">7,178,853</font></p>






















       </td>

















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Total in foreign currency and Brazilian Reais</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">17,188,896</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">13,860,510</font></p>






















       </td>

















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Current</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; font-weight: bold; line-height: inherit;">3,030,887</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; font-weight: bold; line-height: inherit;">3,478,673</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 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1 to 2 years</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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">4,601,481</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">3,257,618</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 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2 to 3 years</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">2,067,817</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">1,557,888</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 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3 to 4 years </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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,864,833</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">2,062,967</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 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">4 to 5 years</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">2,075,500</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">2,130,651</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 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">More than 5 years</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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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 0pt 0pt 20pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.75pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom; height: 10px;" 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: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,548,378</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">1,372,713</font></p>






















       </td>

















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-current </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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">14,158,009</font></p>






















       </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">10,381,837</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'; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: left;" valign="top"><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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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></sup></td>
<td style="width: 97%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman'; 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;">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>
<tr>
<td style="text-align: left;"><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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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></sup></td>
<td><font style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Considers a protection instrument for principal and interest at DI + 1.6% for a notional amount of US$ 50 million.</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'; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</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; line-height: inherit;" class="pageno"><font class="pageno">42</font></font></td>















</tr>































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><br></p>











</div>
<div style="line-height: 1.2;">
<div>
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>

















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>

















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>

















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</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'; 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'; font-size: 10pt; line-height: inherit;">The changes in loans, financing and debentures 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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>






















       </td>






















      </tr>
<tr style="height: 11.35pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 89%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; 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; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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'; font-size: 10pt; font-weight: bold; line-height: inherit;">13,860,510</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'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">4,685,905</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'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">569,962</font></p>






















       </td>






















      </tr>
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<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'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,981,234</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">)</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'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">(619,791)</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'; font-size: 10pt; line-height: inherit;">Balance of acquired company</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (i)</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">3,385,</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">102</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'; font-size: 10pt; line-height: inherit;">Monetary variations and foreign exchange variations</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">714,232</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">)</font></p>






















       </td>






















      </tr>
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<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'; font-size: 10pt; line-height: inherit;">Change in fair value</font></p>






















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<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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">73,951</font></p>






















       </td>






















      </tr>
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<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'; font-size: 10pt; line-height: inherit;">Gain on bond repurchase</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">(71,277)</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'; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of June 30, 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'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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'; font-size: 10pt; font-weight: bold; line-height: inherit;">17,188,896</font></p>






















       </td>






















      </tr>













































    </table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
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<tr>
<td style="width: 3%; text-align: left;"><sup><font style="line-height: inherit;"><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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">(i)</font></font></sup></td>
<td style="width: 97%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">On May 8, 2025, the Company acquired the control of Hidrovias. For further details, see Note 27.b.</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">The transaction costs associated with debt issuance were deducted from the balance of the related liability and recognized in profit or loss according to the effective interest rate method. As of June 30, 2025, the amount recognized in profit or loss was R$ 38,451 (R$ 8,237 as of June 30, 2024). The transaction cost incurred was R$ 67,599, of which R$ 10,353 referring to new funding and R$ 57,246 to the </font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">initial </font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">balance on acquisition of subsidiary. The balance to be recognized in the next periods is R$</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">9</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">9,062</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (R$ 69,914 as of December 31, 2024).</font></p>
















</div>
<div>
<p style="margin: 12pt 0pt 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Guarantees</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">As of June 30, 2025, there was R$ 105,237 (R$ 114,472 as of December 31, 2024) in financing that had real guarantees. There was also R$ 15,893,333 (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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries offer collateral in the form of letters of guarantee for commercial and legal proceedings in the amount of R$ 99,095 as of June 30, 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman'; 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$ 146,629 (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 June 30, 2025, subsidiary Ipiranga did not have losses in connection with these collateral arrangements.</font><br></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br></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">43</font></font></td>















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















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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>

















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>

















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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>

















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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>

















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<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Relevant operations contracted in the period</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">The main operations contracted in the period are shown below:</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">Description</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;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">Index/ Currency</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">Financial charges</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;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">Hedging instruments</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'; font-size: 7pt; font-weight: bold; line-height: inherit;">Issuance date</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">Maturity</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">Principal</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;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">Principal in R$</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'; font-size: 7pt; font-weight: bold; line-height: inherit;">Remuneration payment</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'; font-size: 7pt; font-weight: bold; line-height: inherit;">Nominal amount payment</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'; font-size: 7pt; font-weight: bold; line-height: inherit;">Company</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 13%; 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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">Foreign exchange debentures</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 6%; text-align: center; 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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">USD</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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'; font-size: 7pt; line-height: inherit;">5.3%</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 7%; 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'; font-size: 7pt; line-height: inherit;">101.7% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 7%; 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'; font-size: 7pt; line-height: inherit;">Mar/25</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 7%; 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'; font-size: 7pt; line-height: inherit;">Mar/26</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 7%; 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'; font-size: 7pt; line-height: inherit;">USD 60,269</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 7%; 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'; font-size: 7pt; line-height: inherit;">350,000</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">At final maturity</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 13%; 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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">At final maturity</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 13%; 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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">Ultracargo Log&#237;stica</font></p>






















       </td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">4131</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">SOFR + US$</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">102.9% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">Feb/26</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">CCB</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">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; text-align: center;"><font style="font-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman'; line-height: inherit;">10</font><font style="font-family: 'times new roman'; line-height: inherit;">4</font><font style="font-family: 'times new roman'; line-height: inherit;">%</font></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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">Cia Ultragaz</font></p>






















       </td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">Constitutional Fund (FNE)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">IPCA</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">2.9%</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'; font-size: 7pt; line-height: inherit;">69.7% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">Nov/41</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">R$ 100,976</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">100,976</font></p>






















       </td>
<td style="padding-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'; font-size: 7pt; line-height: inherit;">Monthly with grace period</font></p>






















       </td>
<td style="padding-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'; font-size: 7pt; line-height: inherit;">2028 to 2041</font></p>






















       </td>
<td style="padding-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'; font-size: 7pt; line-height: inherit;">Ultracargo Log&#237;stica</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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">Constitutional Fund (FNO)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">IPCA</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-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman'; line-height: inherit;">3.</font><font style="font-family: 'times new roman'; line-height: inherit;">1</font><font style="font-family: 'times new roman'; line-height: inherit;">%</font></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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">Apr/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'; font-size: 7pt; line-height: inherit;">Feb/37</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'; font-size: 7pt; line-height: inherit;">R$ 106,429</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'; font-size: 7pt; line-height: inherit;">106,429</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'; font-size: 7pt; line-height: inherit;">Monthly</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; break-after: avoid; break-inside: avoid; line-height: 1.1;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">Monthly after a 3-year grace period</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'; font-size: 7pt; line-height: inherit;">Ultracargo Solu&#231;&#245;es Log&#237;sticas</font></p>






















       </td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">4131</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">USD</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">4.7%</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">103.8% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">Apr/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'; font-size: 7pt; line-height: inherit;">Apr/26</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">USD 86,956</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">500,000</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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">Ipiranga</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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">BNDES</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">R$</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'; font-size: 7pt; line-height: inherit;">9.4%</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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">May/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'; font-size: 7pt; line-height: inherit;">Mar/40</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'; font-size: 7pt; line-height: inherit;">R$ 11,498</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'; font-size: 7pt; line-height: inherit;">11,498</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'; font-size: 7pt; line-height: inherit;">Monthly</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'; font-size: 7pt; line-height: inherit;">Monthly after a 3-month grace period</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-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman'; line-height: inherit;">Ultragaz Energia Ltda. </font><font style="font-family: 'times new roman'; line-height: inherit;">and</font> <font style="font-family: 'times new roman'; line-height: inherit;">subsidiaries</font></font></p>






















       </td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">BNDES</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">9.4%</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">N/A</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">May/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'; font-size: 7pt; line-height: inherit;">Mar/40</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">R$ 11,498</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">11,498</font></p>






















       </td>
<td style="padding-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'; font-size: 7pt; line-height: inherit;">Monthly</font></p>






















       </td>
<td style="padding-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'; font-size: 7pt; line-height: inherit;">Monthly after a 3-month grace period</font></p>






















       </td>
<td style="padding-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-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman'; line-height: inherit;">Ultragaz Energia Ltda. </font><font style="font-family: 'times new roman'; line-height: inherit;">and</font> <font style="font-family: 'times new roman'; line-height: inherit;">subsidiaries</font></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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">Foreign exchange debentures</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">EUR</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'; font-size: 7pt; line-height: inherit;">3%</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'; font-size: 7pt; line-height: inherit;">104.0% of DI</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'; font-size: 7pt; line-height: inherit;">Jun/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'; font-size: 7pt; line-height: inherit;">Feb-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'; font-size: 7pt; line-height: inherit;">EUR 77,534</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'; font-size: 7pt; line-height: inherit;">500,000</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'; font-size: 7pt; line-height: inherit;">Annually</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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">Ipiranga</font></p>






















       </td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">4131</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">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-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman'; line-height: inherit;">14.</font><font style="font-family: 'times new roman'; line-height: inherit;">6</font><font style="font-family: 'times new roman'; line-height: inherit;">%</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'; font-size: 7pt; line-height: inherit;">106.6% of DI</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">Jun/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'; font-size: 7pt; line-height: inherit;">Oct/27</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">R$ 500,000</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'; font-size: 7pt; line-height: inherit;">500,000</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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">Annually</font></p>






















       </td>
<td style="padding-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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">Ipiranga</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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">Debentures</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">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; text-align: center;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">0.5%</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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">Jun/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'; font-size: 7pt; line-height: inherit;">Jun/28</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'; font-size: 7pt; line-height: inherit;">R$ 400,000</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'; font-size: 7pt; line-height: inherit;">400,000</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'; font-size: 7pt; line-height: inherit;">Semiannually </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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">Hidrovias</font></p>






















       </td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">Debentures</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; text-align: center; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">CDI</font></p>






















       </td>
<td style="padding-left: 3pt; 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-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman'; line-height: inherit;">0.</font><font style="font-family: 'times new roman'; line-height: inherit;">8</font><font style="font-family: 'times new roman'; line-height: inherit;">%</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'; font-size: 7pt; line-height: inherit;">N/A</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">Jun/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'; font-size: 7pt; line-height: inherit;">Jun/31</font></p>






















       </td>
<td style="padding-left: 3pt; 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'; font-size: 7pt; line-height: inherit;">R$ 982,000</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'; font-size: 7pt; line-height: inherit;">982,000</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;"><font style="font-family: 'times new roman'; font-size: 7pt; line-height: inherit;">Semiannually </font></p>






















       </td>
<td style="padding-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'; font-size: 7pt; line-height: inherit;">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'; font-size: 7pt; line-height: inherit;">Hidrovias</font></p>






















       </td>
















</tr>







































    </table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'times new roman'; font-style: italic; font-weight: bold; line-height: inherit;">d. Covenants</font><font style="font-family: 'times new roman'; font-style: italic; font-weight: bold; line-height: inherit;"> &#8211; Subsidiary Hidrovias</font></font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'times new roman'; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></font></p>
















</div>
<div>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Hidrovias has contractual financial covenants linked to Debentures&#160; that do not accelerate the debt in the event of non-compliance, but restrict the Company from issuing new debts and distributing dividends. </font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial Covenant linked to Debenture contracts</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Hidrovias, through the 1st and 2nd Debenture Issuances, has a financial covenant of leverage (&#8220;net debt to EBITDA&#8221;), calculated on a consolidated basis and which must be equal to or less than 4.5x in 2022, (b) 4.0x between January 1, 2023 and December 2023 and (c) 3.5x from January 1, 2024 until the maturity date of the respective issues.</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Failure to comply with the covenant does not accelerate the debt repayment and is not considered default. However, Hidrovias now has restrictions on raising new debts beyond those permitted by the covenants of the </font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">i</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">ndenture of </font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">i</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">ssuance and is restricted to paying the minimum mandatory dividends set forth by </font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">your</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> Bylaws. Hidrovias does not expect any short- or medium-term impacts on its operations and believes it will not need additional loans or working capital beyond those already permitted by the covenants of the Indentures of Debenture Issuances to comply with its obligations.</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">On June 30, 2025, Hidrovias </font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">was above </font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">the mentioned ratios</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">, not being allowed to issue new debits and distributing dividends above the minimum mandatory as established in the Bylaws</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">.</font></p>
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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>

















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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>

















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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>

















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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_12_772025161151489"><font style="color: #ffffff; font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">16. Trade payables (Consolidated)</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Trade payables</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>






















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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















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<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'; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>






















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<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<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'; font-size: 10pt; line-height: inherit;">Domestic suppliers</font></p>






















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<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'; font-size: 10pt; line-height: inherit;">1,866,432</font></p>






















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<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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<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'; font-size: 10pt; line-height: inherit;">2,558,813</font></p>






















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<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Trade payables - domestic related parties (see Note 8.b)</font></p>






















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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">59,903</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">23,432</font></p>






















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<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Foreign suppliers</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">805,285</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">776,052</font></p>






















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<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Trade payables - foreign related parties (see Note 8.b)</font></p>






















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<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'; font-size: 10pt; line-height: inherit;">123,799</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<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'; font-size: 10pt; line-height: inherit;">160,088</font></p>






















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<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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2,855,419</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">3,518,385</font></p>






















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<p style="margin: 0pt;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Trade payables - reverse factoring</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">As of June 30, 2025, to accurately reflect the essence of commercial transactions, the balance reverse factoring transactions for which suppliers have already received payments was R$ 257,822 (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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 79.902%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Reverse factoring</font></p>






















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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'times new roman'; font-weight: bold; line-height: inherit;">Comparable suppliers</font><font style="font-family: 'times new roman'; font-weight: bold; vertical-align: super; line-height: inherit;">1</font></font></p>






















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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Average payment term</font></p>






















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; width: 10.049%; 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'; font-size: 10pt; line-height: inherit;">44</font></p>






















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10.049%; 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'; font-size: 10pt; line-height: inherit;">8</font></p>






















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<td style="width: 3%; text-align: right;"><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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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</font></sup></td>
<td style="width: 97%;"><font style="font-size: 10pt; line-height: inherit;"><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: 'times new roman'; line-height: inherit;">Comparable suppliers are those that have not adhered to reverse financing agreements, considering specific characteristics of payment conditions.</font></font></td>
















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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_13_772025161212883"><font style="color: #ffffff; font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">17. Employee benefits and private pension plan (Consolidated)</font></a><font style="color: #ffffff; font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_13_772025161212883">&#160;&#160;&#160;</a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></div>
















</div>
<div>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><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'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Post-employment benefits (Consolidated)</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">Some subsidiaries recognized a provision for post-employment benefits mainly related to seniority bonus, payment of FGTS, and health, dental care, and life insurance plans for eligible retirees.</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">The amounts related to such benefits are based on a valuation conducted by an independent actuary and reviewed by Management as of June 30, 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'; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>






















       </td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Health and dental care plan </font><font style="font-family: 'times new roman'; font-size: 8pt; vertical-align: super; line-height: inherit;">(1)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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'; font-size: 10pt; line-height: inherit;">184,826</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; 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'; font-size: 10pt; line-height: inherit;">177,958</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'; font-size: 10pt; line-height: inherit;">Indemnification of FGTS</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">34,897</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">32,420</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'; font-size: 10pt; line-height: inherit;">Seniority bonus</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,923</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">1,795</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'; font-size: 10pt; line-height: inherit;">Life insurance </font><font style="font-family: 'times new roman'; font-size: 8pt; vertical-align: super; line-height: inherit;">(2)</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'; font-size: 10pt; line-height: inherit;">11,270</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">10,703</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'; font-size: 10pt; line-height: inherit;">Total</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-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'; font-size: 10pt; line-height: inherit;">232,916</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">222,876</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'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">24,098</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">24,098</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'; 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;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">208,818</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3%; text-align: left;"><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-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; line-height: inherit;">(1</font><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-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; line-height: inherit;">)</font></sup></font></td>
<td style="width: 97%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -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; line-height: inherit;">Applicable to Ipiranga, Tropical (merged by Ipiranga) and Iconic.</font></td>
















</tr>
<tr>
<td style="text-align: left;"><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-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; line-height: inherit;">(2)</font></sup></font></td>
<td><font style="font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -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; line-height: inherit;">Applicable to&#160;</font>Ipiranga<font style="color: #000000; font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -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; line-height: inherit;">, Tropical (merged by&#160;</font>Ipiranga<font style="color: #000000; font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -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; line-height: inherit;">),&#160;</font>Ultragaz<font style="color: #000000; font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -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; line-height: inherit;">&#160;and&#160;</font>Ultrapar<font style="color: #000000; font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -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; line-height: inherit;">.</font></font></td>
















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</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&#160; &#160; &#160;</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">45</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;"><br></p>
















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<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt; height: 101px;">

<tr style="height: 67px;">
<td style="width: 50%; padding: 0px; vertical-align: bottom; height: 67px;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>

















</td>
<td style="width: 50%; vertical-align: top; height: 101px;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>

















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<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>

















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<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>

















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</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&#160; &#160; &#160;</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_14_772025161235668"><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'; font-size: 10pt; line-height: inherit;">&#160;</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'; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 170px; width: 100%;" width="100%">

<tr style="height: 40px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Provisions</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px; 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'; 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; height: 40px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px; 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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Additions</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px; 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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Reversals</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px; 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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Payments</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px; 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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Opening balance &#8211; acquisition of subsidiary (i)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 40px; 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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of 06/30/2025</font></p>






















       </td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 24%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">IRPJ and CSLL</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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'; font-size: 10pt; line-height: inherit;">32,946</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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'; font-size: 10pt; line-height: inherit;">188</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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'; font-size: 10pt; line-height: inherit;">(291)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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'; font-size: 10pt; line-height: inherit;">234</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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'; font-size: 10pt; line-height: inherit;">&#8208;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; 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'; font-size: 10pt; line-height: inherit;">33,077</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'; font-size: 10pt; line-height: inherit;">Tax and social security</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">202,465</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">1,775</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(39,716)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(7,149)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2,837</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">160,212</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'; font-size: 10pt; line-height: inherit;">Civil, environmental and regulatory claims</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; 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; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">116,177</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">(664)</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">(18,170)</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">24</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">27,417</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">286,756</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'; font-size: 10pt; line-height: inherit;">Provision for indemnities</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">206,808</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">6,377</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">(58,532)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2,424</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">157,077</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'; font-size: 10pt; line-height: inherit;">Labor</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; height: 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'; 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; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">7,425</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">(9,826)</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">(3,327)</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">757</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">9,545</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">58,743</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'; font-size: 10pt; line-height: inherit;">Total</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'; font-size: 10pt; line-height: inherit;">658,360</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">131,942</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">(108,738)</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">(28,937)</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">6,276</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">36,962</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">695,865</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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Current</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'; font-size: 10pt; line-height: inherit;">47,788</font></p>






















       </td>
<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; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">70,643</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'; font-size: 10pt; line-height: inherit;">Non-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'; font-size: 10pt; line-height: inherit;">610,572</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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">625,222</font></p>






















       </td>
















</tr>







































    </table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3%;"><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: 5.06667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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%;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 5.06667px; text-transform: none; widows: 2; 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'; line-height: inherit;">On May 8, 2025, the Company acquired the control of 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: 5.06667px; text-transform: none; widows: 2; 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'; line-height: inherit;">; f</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: 5.06667px; text-transform: none; widows: 2; 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'; line-height: inherit;">or further details, see Note 27.b.</font></font></td>




</tr>









</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; 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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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; text-align: center;"><font style="font-family: 'times new roman'; font-size: 8pt; line-height: inherit;">&#160;</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'; 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; width: 79%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Tax</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'; font-size: 10pt; line-height: inherit;">395,163</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; 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'; 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'; font-size: 10pt; line-height: inherit;">22,873</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; 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'; 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; 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'; font-size: 10pt; line-height: inherit;">52,512</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; 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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">470,548</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">446,076</font></p>






















       </td>
















</tr>







































    </table>
















</div>
<div>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><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'; font-size: 10pt; line-height: inherit;">In the period ended June 30, 2025, the monetary variation on escrow deposits amounted to R$</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">21,773, recorded as financial income in the statement of income for the period. </font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: 0.05pt; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Regarding the provision for indemnities, as a result of the sale of Oxiteno, completed on April 1, 2022, Ultrapar assumed contractual liability for losses related to acts prior to the closing of the transaction. Thus, the provision for the reimbursement to Indorama was recorded, in the event the losses materialize, in the amount of R$ 123,086 as of June 30, 2025 (R$ 174,408 as of December 31, 2024), of which R$ 45,252 (R$ 95,274 as of December 31, 2024) for labor claims, R$ 28,801 (R$</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">26,074 as of December 31, 2024) for civil claims and R$ 49,031 (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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; 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$ 33,993 as of June 30, 2025 (R$ 32,400 as of December 31, 2024), of which R$ 12,980 (R$12,074 as of December 31, 2024) for labor claims, R$ 7,065 (R$7,007 as of December 31, 2024) for civil claims and R$ 13,947 (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>











</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; line-height: inherit;" class="pageno"><font class="pageno">46</font></font></td>















</tr>































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>

















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>

















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>

















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>

















</tr>




































</table>
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; 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'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; 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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contingent liabilities (possible)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; text-align: center;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid;"><font style="font-family: 'times new roman'; 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; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Tax (b.1)</font></p>






















       </td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">6,245,401</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">4,176,046</font></p>






















       </td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Civil (b.2)</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'; font-size: 10pt; line-height: inherit;">779,749</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">815,203</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; text-align: justify;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Labor</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'; font-size: 10pt; line-height: inherit;">350,761</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">293,938</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">7,375,911</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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; line-height: inherit;">5,285,187</font></p>






















       </td>
















</tr>







































    </table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</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'; 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'; font-size: 10pt; line-height: inherit;">&#160;</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'; font-size: 10pt; 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$ 3,530,909 as of June 30, 2025 (R$</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">2,049,421 as of December 31, 2024). </font></p>
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<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Among the most relevant cases, a tax assessment related to IRPJ and CSLL stands out, resulting from the alleged undue amortization of goodwill generated on the acquisition of Ipiranga in 2007, amounting to R$ 275,353 as of June 30, 2025 (R$ 266,619 as of December 31, 2024).</font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">Additionally, subsidiary Ipiranga and its subsidiaries have legal proceedings related to discussions of ICMS, in the consolidated amount of R$ 1,884,221 as of June 30, 2025 (R$ 1,357,445 as of December 31, 2024). The main discussions include: i) credits considered undue in the amount of R$</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">181,516 as of June 30, 2025 (R$ 145,126 as of December 31, 2024), ii) alleged non-payment in the amount of R$ 271,322 as of June 30, 2025 (R$ 203,531 as of December 31, 2024); iii) conditioned fruition of tax incentive in the amount of R$ 237,507 as of June 30, 2025 (R$ 191,549 as of December 31, 2024); iv) inventory differences in the amount of R$ 291,592 as of June 30, 2025 (R$ 279,448 as of December 31, 2024); v) 2% surcharge on products considered non-essential (hydrated ethanol) in the amount of R$ 236,001 as of June 30, 2025 (R$ 223,691 as of December 31, 2024); vi) disallowance of credits on interstate transfers in the amount of R$ 268,015 as of June 30, 2025 (proceeding received in March 2025).</font></p>
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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'; font-size: 10pt; line-height: inherit;">In addition, subsidiary Ipiranga and its subsidiaries are discussing the offset of excise tax (&#8220;IPI&#8221;) credits related to raw materials used in the manufacturing of products subject to taxation, which were subsequently sold and were not subject to IPI under the tax immunity, in the amount of R$</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">205,245 as of June 30, 2025 (R$ 194,508 as of December 31, 2024). On April 9, 2025, the Superior Court of Justice, under the repetitive appeals regime, ruled on the discussion (Theme 1247) in favor of the taxpayers.</font></p>
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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'; font-size: 10pt; line-height: inherit;">Of the total amount of possible contingent tax liabilities, R$ 352,287 refers to Hidrovias on June 30, 2025.</font></p>
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<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'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b.2 Contingent civil liabilities</font></p>
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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'; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries have contingent liabilities for civil, environmental and regulatory claims in the amount of R$ 779,749 as of June 30, 2025</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">, of this amount R$ 11,117 refers to Hidrovias,</font><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;"> (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$ 38,557 as of June 30, 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$ 161,315 as of June 30, 2025 (R$ 187,460 as of December 31, 2024).</font></p>
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<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Lubricants operation between Ipiranga and Chevron</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'; font-size: 10pt; line-height: inherit;">The provisions of shareholder Chevron&#8217;s liability amount to R$ 62,343 (R$ 36,146 as of December 31, 2024), for which an indemnification asset was recorded, comprising R$ 195 as of June 30, 2025 (R$ 32,380 as of December 31, 2024) for tax claims, R$ 58,567 for civil claims (R$ 220 as of December 31 2024) and R$ 3,581 (R$ 3,545 as of December 31, 2024) for labor claims.</font></p>
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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'; 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$ 89,806 as of June 30, 2025 (R$ 89,952 as of&#160; 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>











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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;">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>
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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;">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>
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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;">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 June 30, 2025, R$ 4,929 was recorded as financial expense (financial income of R$&#160;14,505 as of June 30, 2024) due to the update of subscription warrants, and 2,938,962 shares linked to subscription warrants &#8211; indemnification remain retained, which may be issued or canceled depending on whether the final decisions on the lawsuits will be favorable or unfavorable, being the maximum number of shares that can be issued in the future, totaling R$ 51,549 (R$ 47,745 as of December 31, 2024).</font></p>
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<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>
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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;">As of June 30, 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>
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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;">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>
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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;">The price of the outstanding shares on B3 as of June 30, 2025 was R$ 17.54 (R$ 15.88 as of December 31, 2024).</font></p>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of June 30, 2025, there were 67,360,389 common shares outstanding abroad in the form of ADRs (65,757,889 shares as of December 31, 2024).</font></p>
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<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;">&#160;</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 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 June 30, 2025, the balance of treasury shares granted with right of use was 18,228,293 common shares (14,083,439 as of December 31, 2024).</font></p>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: 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;">&#160;</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;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On 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, 14,700,000 shares were acquired at an average cost of R$&#160;16.62 per share.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of June 30, 2025, the balance was R$ 810,331 (R$ 596,400 as of December 31, 2024) and 27,878,935 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$ 17.57 per share.</font></p>
<p style="margin: 0pt;"><br></p>
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<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 89%; 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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 1%; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 10%; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>



















</td>















</tr>
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<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;">Balance of unrestricted shares held in treasury </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;">&#160;</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;">27,878,935</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;">Balance of treasury shares granted with right of use</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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,228,293</font></p>



















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total balance of treasury shares as of June 30, 2025</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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46,107,228</font></p>



















</td>















</tr>



































</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">d. Capital reserve</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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 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.&#160; 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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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">49</font></font></td>







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







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<div style="line-height: 1.2;">
<p style="margin: 0pt;"><br></p>
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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>








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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>








</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>








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</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; 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;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On 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$0.26 per share) refer to minimum mandatory&#160; dividends and R$&#160;208,121 (R$0.19 per share) to additional dividends to the minimum mandatory dividends. The distribution of dividends was ratified by the shareholders at the Ordinary and Extraordinary General Shareholders&#8217; Meeting on April 16, 2025.</font></p>















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<div style="line-height: 1.2;">
<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="Bj4_772025141824303"><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;">&#160;</font></p>
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<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;">&#160;</font></p>



















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>



















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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sales revenue:</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;">&#160;</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;">&#160;</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;">&#160;</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;">Merchandise</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;">68,208,150</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;">&#160;</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;">64,439,068</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;">Services rendered and others</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;">1,358,739</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;">&#160;</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;">875,250</font></p>



















</td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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;">359,665</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;</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>
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<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;">Sales returns, rebates and discounts</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;">(483,469)</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;">&#160;</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;">(514,560)</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;">Amortization of contract assets</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(218,580)</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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(254,977)</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;">&#160;</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;">69,224,505</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;">&#160;</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;">64,544,781</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;">Taxes on sales</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,840,200)</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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,804,932)</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;">Net revenue</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; line-height: inherit;">67,384,305</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;">&#160;</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; line-height: inherit;">62,739,849</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;">&#160;</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="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: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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%;">
<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-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;">&#160;Refers to revenue from the sale of electricity of subsidiary&#160;Witzler, acquired by&#160;Ultragaz&#160;in 2024. For further information, see Note 27.c.</font></p>











</td>











</tr>























</table>
<p style="margin: 0pt;"><br></p>








</div>
<div style="line-height: 1.2;">
<div style="background-color: #002060; margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bj5_772025141841732"><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;">&#160;</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;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 309px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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;">Parent</font></p>



















</td>
<td style="padding-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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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;">Consolidated</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>



















</td>
<td style="padding-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: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">Raw materials and materials for use and consumption</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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; 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; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(61,725,203)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(57,601,501)</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Personnel expenses</font></p>



















</td>
<td style="padding-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;">(145,062)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(123,920)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,336,500)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; 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: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,254,139)</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><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; 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;">&#160;</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;">&#160;</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;">(573,585)</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;">&#160;</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;">(625,499)</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation and amortization</font></p>



















</td>
<td style="padding-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;">(7,819)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(7,430)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(526,211)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(453,800)</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><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; 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;">(47,971)</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;">&#160;</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;">(34,305)</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;">&#160;</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;">(353,266)</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;">&#160;</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;">(347,580)</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Purchase of electricity <font style="font-size: 8pt;"><sup>(a)</sup></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;">&#160;</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(299,261)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Decarbonization obligation <font style="font-size: 8pt;"><sup>(b)</sup></font></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;">&#160;</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;">&#160;</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;">(220,453)</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;">&#160;</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;">(321,269)</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,453)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,362)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(171,734)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(149,925)</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><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; 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;">(1,554)</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;">&#160;</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;">(798)</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;">&#160;</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;">(83,073)</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;">&#160;</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;">(88,572)</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other expenses and income, net <font style="font-size: 8pt;"><sup>(c)</sup></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;">36,108</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,694</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">250,038</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(121,720)</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><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; height: 16px; 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; line-height: inherit;">190,424</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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">156,211</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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; 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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">&#8208;</font></p>



















</td>















</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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; line-height: inherit;">22,673</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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; line-height: inherit;">7,090</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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; line-height: inherit;">(65,039,248)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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; line-height: inherit;">(60,964,005)</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><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; 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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost of products and services sold</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(63,094,967)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(58,570,545)</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><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; 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;">&#160;</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;">&#160;</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;">(1,250,088)</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;">&#160;</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;">(1,213,129)</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">General and administrative</font></p>



















</td>
<td style="padding-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;">(27,628)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(24,765)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,057,746)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(954,302)</font></p>



















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other operating income (expenses), net</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50,301</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,855</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">363,553</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(226,029)</font></p>



















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,673</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,090</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(65,039,248)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(60,964,005)</font></p>



















</td>















</tr>



































</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table style="width: 100%; margin: 0px; height: 47px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 21px;">
<td style="height: 21px; text-align: justify; width: 3%; 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(a)</font></td>
<td style="height: 21px; text-align: justify; width: 97%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; break-inside: avoid; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refers to the purchase of electricity of subsidiary&#160;Witzler, acquired by&#160;Ultragaz&#160;in 2024. For further information, see Note&#160;27.c.</font><br></p>















</td>















</tr>
<tr style="height: 10px;">
<td style="height: 10px; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</font></sup></td>
<td style="height: 10px; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Refers to the obligation established by the&#160;</font>RenovaBio<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;program to meet&#160;</font>decarbonization<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;targets for the gas and oil sector. The amounts are presented in Other operating income (expenses), net.</font></font></td>















</tr>
<tr style="height: 16px;">
<td style="height: 16px; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><sup><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(c)</font></sup></td>
<td style="height: 16px; text-align: justify; 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: 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;">Include extemporaneous credits recognized in the period of R$ 487,254, see Note 7.</font></td>















</tr>































</table>
<p style="margin: 0pt;"><br></p>







</div>







</div>







</div>
<div style="line-height: 1.2;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">50</font></font></td>







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>








</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>








</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>








</tr>


















</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>















</div>
<div style="line-height: 1.2;">
<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="Bj6_772025141857879"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">23. Financial result</font></a></div>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 259px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-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: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; 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;">Parent</font></p>



















</td>
<td style="padding-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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; 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;">Consolidated</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; height: 16px; 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;">06/30/2025</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; height: 16px; 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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; height: 16px; 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;">06/30/2024</font></p>



















</td>
<td style="padding-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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; height: 16px; 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;">06/30/2025</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; height: 16px; 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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; height: 16px; 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;">06/30/2024</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 57%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial income:</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; 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: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; 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: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; 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: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest on financial investments</font></p>



















</td>
<td style="padding-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;">22,542</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">15,473</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-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;">349,955</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">283,968</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest from customers</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">72,687</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">72,965</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Update of subscription warrants (see Note 19)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,505</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,505</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Selic interest on PIS/COFINS credits (a)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">391,605</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,212</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; line-height: inherit;">Update of provisions and other income</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,438</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,891</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,011</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,130</font></p>



















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,980</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,872</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">821,258</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">440,780</font></p>



















</td>















</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest on loans, financing and financial instruments</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,149)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(911)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(909,601)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(585,870)</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest on leases payable</font></p>



















</td>
<td style="padding-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;">(348)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-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;">(399)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(70,688)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(65,913)</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Update of subscription warrants (see Note 19)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,929)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,929)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bank charges, financial transactions tax, and other taxes</font></p>



















</td>
<td style="padding-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;">(401)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(17,475)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(85,130)</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;">(81,114)</font></p>



















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange variations, net of gain (loss) on derivative financial instruments</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,624</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99,930</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(177,953)</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; line-height: inherit;">Update of provisions, net, and other expenses</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(90)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,602)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(62,222)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(18,447)</font></p>



















</td>















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,917)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,763)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,032,640)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(929,297)</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; line-height: inherit;">Total</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; 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;">21,063</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;</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; 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;">20,109</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;</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; 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;">(211,382)</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;</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; 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;">(488,517)</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;">&#160;</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 2%;"><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: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</font></sup></font></td>
<td style="width: 98%;"><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;">&#160;Include the result of financial income arising from extemporaneous credits recognized in the period of R$ 360,951, see Note 7.</font></td>















</tr>































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>








</div>







</div>







</div>
<div style="line-height: 1.2;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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














</tr>





























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>














</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>














</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>














</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>














</tr>






























</table>















</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;">&#160;</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="Bj8_772025141913941"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">24. Earnings per share (Parent and Consolidated)</font></a></div>
<p style="margin: 0pt; 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;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below presents a reconciliation of numerators and denominators used in computing earnings per share. The Company has a stock plan and subscription warrants, as mentioned in Notes 8.d and 19, respectively.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td colspan="5" 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; line-height: inherit;">04/01/2025 to 06/30/2025</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td colspan="5" 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; line-height: inherit;">01/01/2025 to 06/30/2025</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>



















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</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; line-height: inherit;">Continuing Operations</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; line-height: inherit;">Discontinued Operations</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; line-height: inherit;">Total</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; line-height: inherit;">Continuing Operations</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; line-height: inherit;">&#160;</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; line-height: inherit;">Discontinued Operations</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; line-height: inherit;">&#160;</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; line-height: inherit;">Total</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; line-height: inherit;">04/01/2024 to 06/30/2024</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; line-height: inherit;">&#160;</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; line-height: inherit;">01/01/2024 to 06/30/2024</font></p>



















</td>














</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 37%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Basic earnings per share</font><font style="font-weight: bold; line-height: inherit;">&#160;</font> </font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net income for the year of the Company</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,099,497</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,133)</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,088,364</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,432,343</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,133)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,421,210</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">437,915</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">869,389</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Weighted average number of shares outstanding (in thousands)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,088,259</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,088,259</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,088,259</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,091,096</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,091,096</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,091,096</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,103,371</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,101,195</font></p>



















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Basic earnings per share - R$</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.0103</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(0.0102)</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.0001</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.3128</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(0.0102)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.3026</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.3969</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.7895</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Diluted earnings per share</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net income for the year of the Company</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,099,497</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,133)</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,088,364</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,432,343</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,133)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,421,210</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">437,915</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">869,389</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Weighted average number of outstanding shares (in thousands), including dilution effects</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,109,447</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,109,447</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,109,447</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,110,201</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,110,201</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,110,201</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,119,410</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,115,517</font></p>



















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Diluted earnings per share - R$</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.9910</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(0.0100)</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.9810</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.2902</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(0.0100)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.2801</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.3912</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.7794</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Weighted average number of shares (in thousands)</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: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Weighted average number of shares for basic earnings per share</font></p>



















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



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















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



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,088,259</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,091,096</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,103,371</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,101,195</font></p>



















</td>














</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dilution effect</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: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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: 10pt; line-height: inherit;">&#160;</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; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subscription warrants</font></p>



















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



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















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



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,939</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,939</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,064</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,078</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; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Stock plan</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,249</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: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,166</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,975</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,244</font></p>



















</td>














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<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Weighted average number of shares for diluted earnings per share</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,109,447</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,110,201</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,119,410</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,115,517</font></p>



















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</tr>


































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<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><!--StartFragment --><font>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><!--EndFragment --></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>







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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class="pageno">52</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><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-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;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>














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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Notes to the interim financial information</font></td>














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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">For the periods ended June 30, 2025</font></td>














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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; vertical-align: super; line-height: inherit;"><br></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="Bj9_772025141931708"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">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: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Segment</font></p>



















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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Main activities</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;">Ultragaz</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;">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>



















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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;">Ipiranga</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;">Distribution and sale of oil-related products, biofuels and similar products (gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and lubricants) to service stations that operate under the Ipiranga brand throughout Brazil and to major consumers and carrier-reseller-retailer (TRRs), as well as in the convenience stores and automotive services segments.</font></p>



















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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;">Ultracargo</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;">Operates in specialized liquid bulk storage solutions in the main logistics centers of Brazil.</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;">Hidrovias <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font></font></p>



















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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operations in logistics solutions and waterway and multimodal infrastructure, in Brazil and abroad.</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; line-height: inherit;">&#160;</font></p>
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<td style="width: 3%; vertical-align: top;" valign="top"><font style="font-size: 8pt; line-height: inherit;"><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; line-height: inherit;">(1)</font></sup></font></td>
<td style="width: 97%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">As of <font style="font-size: 10pt; line-height: inherit;">May</font> 2025, through the acquisition of control according to Note 27.b, the Company began to report<font style="line-height: inherit;">&#160;</font></font>Hidrovias<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&#160;</font>as a new operating segment.</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;"><font style="font-size: 8pt; line-height: inherit;">&#160;</font>&#160;</font></p>














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<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Geographic area 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;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The subsidiaries 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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;">06/30/2025</font></p>



















</td>
<td style="padding-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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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;">06/30/2024</font></p>



















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 79%; 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;">Net revenue from sales and services:</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; 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: 3pt; padding-right: 3pt; height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>



















</td>
<td style="padding-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;"> 66,624,702</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;"> 61,911,218</font></p>



















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; 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;">Europe</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;"> 45,037</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;">&#160;</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;"> 37,272</font></p>



















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">United States of America and Canada</font></p>



















</td>
<td style="padding-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;"> 501,515</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-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;"> 574,070</font></p>



















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; 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 Latin American countries</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;"> 119,885</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;">&#160;</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;"> 129,521</font></p>



















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;"> 93,166</font></p>



















</td>
<td style="padding-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;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;"> 87,768</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; line-height: inherit;">Total</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; 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; line-height: inherit;"> 67,384,305</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; 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; line-height: inherit;"> 62,739,849</font></p>



















</td>














</tr>


































</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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">53</font></font></td>













</tr>



























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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>













</div>
<div>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt; height: 101px;">

<tr style="height: 67px;">
<td style="width: 50%; padding: 0px; vertical-align: bottom; height: 67px;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>














</td>
<td style="width: 50%; vertical-align: top; height: 101px;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>














</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; 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;">Notes to the interim financial information</font></td>














</tr>
<tr style="height: 17px;">
<td style="width: 50%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>














</tr>






























</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Financial information related to segments</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;">&#160;</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 financial information of each of the continuing operations of the Company&#8217;s segments is as follows. </font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 386.475px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td colspan="9" 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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>



















</td>














</tr>
<tr style="height: 0px;">
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 12.475px; 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; line-height: inherit;">Profit or loss</font></p>



















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 12.475px; 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; line-height: inherit;">Ipiranga</font></p>



















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 12.475px; 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; line-height: inherit;">Ultragaz</font></p>



















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 12.475px; 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; line-height: inherit;">Ultracargo</font></p>



















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 12.475px; 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; line-height: inherit;">Hidrovias <sup>(3)</sup></font></p>



















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 12.475px; 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; line-height: inherit;">Others <sup>(1) (2)</sup></font></p>



















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 12.475px; 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; line-height: inherit;">Subtotal </font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Segments</font></p>



















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 12.475px; 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; line-height: inherit;">Eliminations</font></p>



















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 12.475px; 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; line-height: inherit;">Total</font></p>



















</td>














</tr>
<tr style="height: 12.475px;"></tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 36%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenue from sales and services</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">60,530,226</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,989,918</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">517,344</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">425,155</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,352</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">67,466,995</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(82,690)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">67,384,305</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; line-height: inherit;">Transactions with third parties</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,531,036</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,989,282</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">438,371</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">425,155</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,387,334</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,387,334</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; line-height: inherit;">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; line-height: inherit;">(810)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">636</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">78,973</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; line-height: inherit;">&#8208;</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">79,661</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(82,690)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,029)</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; line-height: inherit;">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; line-height: inherit;">(57,853,591)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,875,566)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(207,706)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(235,860)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(63,172,723)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,756</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(63,094,967)</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Gross profit</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,676,635</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,114,352</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">309,638</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">189,295</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,352</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,294,272</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(4,934)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,289,338</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; line-height: inherit;">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; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">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; line-height: inherit;">(936,328)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(311,534)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,669)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,078)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,253,609)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,521</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,250,088)</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; line-height: inherit;">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; line-height: inherit;">(598,337)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(199,131)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(82,273)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(38,975)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(143,399)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,062,115)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,369</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; line-height: inherit;">(1,057,746)</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; line-height: inherit;">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; line-height: inherit;">39,271</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(16,756)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,855)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,701</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,701</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; line-height: inherit;">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; line-height: inherit;">290,704</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,022</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,950</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(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; line-height: inherit;">49,405</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">363,553</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">363,553</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; line-height: inherit;">Operating income (loss)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">1,</font><font style="font-weight: bold; line-height: inherit;">471,945</font></font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">603,953</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">229,686</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">146,859</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(</font><font style="font-weight: bold; line-height: inherit;">89,641</font><font style="font-weight: bold; line-height: inherit;">)</font></font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,362,802</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,956</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,365,758</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; 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: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,219)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">758</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,357</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; line-height: inherit;">(84,188)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(20,373)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(107,665)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(107,665)</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; line-height: inherit;">Amortization of fair value adjustments on associates acquisition</font></p>



















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



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(805)</font></p>



















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



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(805)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(805)</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; line-height: inherit;">Gain (loss) on acquisition of control of associate</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; line-height: inherit;">&#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; line-height: inherit;">&#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; line-height: inherit;">&#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; line-height: inherit;">91,105</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; line-height: inherit;">&#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; line-height: inherit;">91,105</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; line-height: inherit;">&#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; line-height: inherit;">91,105</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="text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total share of profit (loss) of subsidiaries, joint ventures and associates</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,219)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">758</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,552</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,917</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(20,373)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,365)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,365)</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; line-height: inherit;">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-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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">1,</font><font style="font-weight: bold; line-height: inherit;">465,726</font></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; border-top-color: #000000 !important; 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; line-height: inherit;">604,711</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; border-top-color: #000000 !important; 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; line-height: inherit;">231,238</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; border-top-color: #000000 !important; 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; line-height: inherit;">153,776</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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(</font><font style="font-weight: bold; line-height: inherit;">110,014</font><font style="font-weight: bold; line-height: inherit;">)</font></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; border-top-color: #000000 !important; 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; line-height: inherit;">2,345,437</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; border-top-color: #000000 !important; 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; line-height: inherit;">2,956</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; border-top-color: #000000 !important; 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; line-height: inherit;">2,348,393</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; line-height: inherit;">Depreciation and amortization (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; line-height: inherit;">238,565</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">160,976</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,250</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50,802</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; line-height: inherit;">9,253</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">518,846</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,953)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">515,893</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; line-height: inherit;">Amortization 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">218,579</font></p>



















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



















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



















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



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">218,580</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">218,580</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; line-height: inherit;">Amortization of right-of-use 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; line-height: inherit;">107,935</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,071</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,587</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,688</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,453</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; line-height: inherit;">171,734</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">171,734</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; line-height: inherit;">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; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#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; line-height: inherit;">&#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; line-height: inherit;">805</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; line-height: inherit;">&#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; line-height: inherit;">&#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; line-height: inherit;">805</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; line-height: inherit;">&#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; line-height: inherit;">805</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; line-height: inherit;">Total depreciation and amortization</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">565,0</font><font style="font-weight: bold; line-height: inherit;">79</font></font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">197,048</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">75,642</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">61,490</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">10,7</font><font style="font-weight: bold; line-height: inherit;">06</font></font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">909,965</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(2,953)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">907,012</font></p>



















</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; vertical-align: super; line-height: inherit;">&#160;</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><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;">(a)</font></sup></font></td>
<td style="width: 97%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The amount is net of PIS and COFINS on depreciation in the amount of R$ 10,318.</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; line-height: inherit;">&#160;</font></p>
<div><br></div>








</div>







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

<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>







</div>
<div>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>














</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>














</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>














</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>














</tr>






























</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 367px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 17px;">
<td colspan="8" 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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>



















</td>














</tr>
<tr style="height: 0px;">
<td rowspan="2" 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; 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; line-height: inherit;">Profit or loss</font></p>



















</td>
<td rowspan="2" 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; 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; line-height: inherit;">Ipiranga</font></p>



















</td>
<td rowspan="2" 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; 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; line-height: inherit;">Ultragaz</font></p>



















</td>
<td rowspan="2" 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; 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; line-height: inherit;">Ultracargo</font></p>



















</td>
<td rowspan="2" 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; 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; line-height: inherit;">Others <sup>(1) (2)</sup></font></p>



















</td>
<td rowspan="2" 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; 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; line-height: inherit;">Subtotal </font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Segments</font></p>



















</td>
<td rowspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Eliminations</font></p>



















</td>
<td rowspan="2" 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; 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; line-height: inherit;">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; width: 44%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenue from sales and services</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">57,124,000</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,194,022</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">526,857</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,775</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">62,849,654</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(109,805)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 8%; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">62,739,849</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; line-height: inherit;">Transactions with third parties</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">57,123,714</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,193,359</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">421,190</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,586</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,739,849</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,739,849</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; line-height: inherit;">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; line-height: inherit;">286</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">663</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">105,667</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109,805</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(109,805)</font></p>



















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



















</td>














</tr>
<tr style="height: 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; line-height: inherit;">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; line-height: inherit;">(54,331,562)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,152,929)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(187,762)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(58,672,253)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">101,708</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(58,570,545)</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; line-height: inherit;">Gross profit</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,792,438</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,041,093</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">339,095</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,775</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,177,401</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(8,097)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,169,304</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; line-height: inherit;">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; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">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; line-height: inherit;">(939,224)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(269,146)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,801)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,214,183)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,054</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,213,129)</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; line-height: inherit;">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; line-height: inherit;">(598,567)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(169,975)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(84,542)</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; line-height: inherit;">(111,217)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(964,301)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,999</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; line-height: inherit;">(954,302)</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; line-height: inherit;">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; line-height: inherit;">72,913</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">889</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">53</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">73,881</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">73,881</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; line-height: inherit;">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; line-height: inherit;">(274,571)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,655</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,187</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,700</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(226,029)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(226,029)</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; line-height: inherit;">Operating income (loss)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,052,989</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">627,516</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">253,965</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(87,701)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,846,769</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,956</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,849,725</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; 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: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,273)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">468</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,416</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,708)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,097)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,097)</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; line-height: inherit;">Amortization of fair value adjustments on associates acquisition</font></p>



















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



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,682)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,682)</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,682)</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="text-indent: 0.75pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total share of profit (loss) of subsidiaries, joint ventures and associates</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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,273)</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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">468</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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">734</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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,708)</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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,779)</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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,779)</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; line-height: inherit;">Income (loss) before financial result and income and social contribution taxes</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,049,716</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">627,984</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">254,699</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(98,409)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,833,990</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,956</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,836,946</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; line-height: inherit;">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; line-height: inherit;">230,119</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">154,407</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,045</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,042</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">452,613</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,956)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">449,657</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">254,305</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">672</font></p>



















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



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">254,977</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">254,977</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; line-height: inherit;">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; line-height: inherit;">102,151</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,696</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,836</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,242</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">149,925</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">149,925</font></p>



















</td>














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



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,682</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,682</font></p>



















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



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,682</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; line-height: inherit;">Total depreciation and amortization</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">586,575</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">186,775</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">75,563</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,284</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">859,197</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(2,956)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">856,241</font></p>



















</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; vertical-align: super; line-height: inherit;">&#160;</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><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;">(a)</font></sup></font></td>
<td style="width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The amount is net of PIS and COFINS on depreciation in the amount of R$ 4,143.</font></td>











</tr>
<tr>
<td valign="top" style="vertical-align: 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="text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Includes in the line &#8220;General and administrative and Revenue from sale of goods&#8221; the amount of R$ 112,730 in 2025 (R$ 82,780 in 2024) of expenses related to&#160;</font>Ultrapar's<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;holding structure.</font></font></td>











</tr>
<tr>
<td valign="top" style="vertical-align: 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;">(2)</font></sup></font></td>
<td style="text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The &#8220;Others&#8221; column refers to the parent&#160;</font>Ultrapar<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;and subsidiaries&#160;</font>Imaven<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">,&#160;</font>Ultrapar<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;International, UVC&#160;</font>Investimentos<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;and share of profit (loss) of joint ventures RPR and subsidiary&#160;</font>Hidrovias<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font></td>











</tr>
<tr>
<td valign="top" style="vertical-align: 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;">(3)</font></sup></font></td>
<td style="text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The &#8220;</font>Hidrovias<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8221; segment is composed of&#160;</font>Hidrovias<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;(HBSA3) and its parent company Ultra&#160;</font>Log&#237;stica<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, direct subsidiary of&#160;</font>Ultrapar<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, and therefore, the reported numbers may contain differences with the numbers reported by&#160;</font>Hidrovias<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;(HBSA3).</font></font></td>











</tr>























</table>
<div><br></div>







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

<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>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>














</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>














</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>














</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>














</tr>






























</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. Assets by segment</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;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 164px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td colspan="9" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 99.8775%;" valign="bottom">
<p style="margin: 0pt; page-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;">06/30/2025</font></p>
</td>
</tr>
<tr style="height: 35px;">
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 35px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 32.7206%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 35px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-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;">Ipiranga</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 35px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-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;">Ultragaz</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 35px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-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;">Ultracargo</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 35px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-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;">Hidrovias <sup>(1)</sup></font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 35px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-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;">Others <sup>(2)</sup></font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 35px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-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;">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; line-height: inherit;">Segments</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; height: 35px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-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;">Discontinued operations</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; height: 35px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>



















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 32.7206%; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.45588%; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">132,819</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7.96569%; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,529</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7.96569%; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">238,505</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7.96569%; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">49,772</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 7.96569%; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,591</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 8.45588%; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">430,216</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 9.19118%; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">79,549</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 9.19118%; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">509,765</font></p>



















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 32.7206%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Property, plant and equipment</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,298,038</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,572,056</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,374,999</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,571,119</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">127,140</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,943,352</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(360,485)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,582,867</font></p>



















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 32.7206%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intangible assets</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,153,476</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">325,069</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">286,552</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,786,344</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">271,566</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,823,007</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(162,835)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,660,172</font></p>



















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 32.7206%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Right-of-use assets</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">834,734</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">183,826</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">597,568</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">317,401</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,092</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,939,621</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-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: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,939,621</font></p>



















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 32.7206%;" valign="bottom">
<p style="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 current and non-current assets</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,522,732</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,512,978</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">486,192</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,230,116</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,719,979</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,471,997</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(256,073)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,215,924</font></p>



















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 32.7206%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets held for sale</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">699,844</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0) !important; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">699,844</font></p>



















</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); border-top-width: 1px; border-top-style: solid; height: 10px; vertical-align: bottom; border-top-color: rgb(0, 0, 0) !important; width: 32.7206%;" valign="bottom">
<p style="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 assets (excluding intersegment transactions)</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,941,799</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,599,458</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,983,816</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,954,752</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; width: 7.96569%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,128,368</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: rgb(204, 238, 255); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; width: 8.45588%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,608,193</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: rgb(204, 238, 255); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-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: 5.4pt; padding-right: 5.4pt; background-color: rgb(204, 238, 255); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; vertical-align: bottom; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; width: 9.19118%;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,608,193</font></p>



















</td>
</tr>




















</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 130px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td colspan="6" style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; line-height: inherit;">12/31/2024</font></p>



















</td>














</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">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; 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; line-height: inherit;">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; 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; line-height: inherit;">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; 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; line-height: inherit;">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; 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; line-height: inherit;">Others <sup>(2)</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; 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; line-height: inherit;">Total</font></p>



















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; width: 50%; background-color: #cceeff; 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; line-height: inherit;">Investments</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; 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; line-height: inherit;">146,450</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; 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; line-height: inherit;">1,042</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; 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; line-height: inherit;">216,134</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; 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; line-height: inherit;">1,785,007</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; background-color: #cceeff; 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; line-height: inherit;">2,148,633</font></p>



















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Property, plant and equipment</font></p>



















</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">3,282,469</font></p>



















</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">1,566,376</font></p>



















</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">2,157,663</font></p>



















</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">129,458</font></p>



















</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">7,135,966</font></p>



















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">Intangible assets</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">1,017,405</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">333,652</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">283,598</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">273,675</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Right-of-use assets</font></p>



















</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">911,783</font></p>



















</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">152,024</font></p>



















</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">599,853</font></p>



















</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">7,664</font></p>



















</td>
<td style="padding-left: 3pt; 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; line-height: inherit;">1,671,324</font></p>



















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; line-height: inherit;">Other current and non-current assets</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; line-height: inherit;">20,944,583</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; line-height: inherit;">2,156,708</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; line-height: inherit;">393,368</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; line-height: inherit;">3,199,162</font></p>



















</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; line-height: inherit;">26,693,821</font></p>



















</td>














</tr>
<tr style="height: 18px;">
<td style="padding-left: 3pt; padding-right: 3pt; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="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 assets (excluding intersegment transactions)</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; 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; line-height: inherit;">26,302,690</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; 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; line-height: inherit;">4,209,802</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; 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; line-height: inherit;">3,650,616</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; 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; line-height: inherit;">5,394,966</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; 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; line-height: inherit;">39,558,074</font></p>



















</td>














</tr>


































</table>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table style="width: 100%; margin-left: 0.1px; height: 44px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 34px;">
<td style="width: 3%; height: 34px; 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: 34px; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The &#8220;</font>Hidrovias<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8221; column is formed of&#160;</font>Hidrovias<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;and its parent company Ultra&#160;</font>Log&#237;stica<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, which is a direct subsidiary of&#160;</font>Ultrapar<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, which is not part of&#160;</font>Hidrovias<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;segment, and therefore, the reported numbers may contain differences with the numbers reported by&#160;</font>Hidrovias<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font></td>











</tr>
<tr style="height: 10px;">
<td style="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;">(2)</font></sup></font></td>
<td style="height: 10px; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The &#8220;Others&#8221; column refers to the parent&#160;</font>Ultrapar<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;and subsidiaries&#160;</font>Imaven<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">,&#160;</font>Ultrapar<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;International, UVC&#160;</font>Investimentos<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;and share of profit (loss) of joint venture RPR.</font></font></td>











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</table>








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







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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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 id="D86j91qcqab3f1x3zce97d" style="font-family: 'times new roman', times; font-size: 10pt;">
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<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<p style="margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>










</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>










</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>










</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>










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</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;">&#160;</p>
<div style="background-color: #002060; margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bdn19_772025144622783"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">26. Financial instruments (Consolidated)</font></a></div>
<p style="margin: 9pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Classes and categories of financial instruments and their fair values</font></p>
<p style="margin: 9pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances of financial instrument assets and liabilities and the measurement criteria are presented in accordance with the following categories:</font></p>
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<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7%;" valign="top"><br></td>
<td style="vertical-align: top; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</font></td>
<td style="vertical-align: top; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 88%; text-align: justify;" valign="top">
<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">Level 1 &#8211; prices negotiated (without adjustment) in active markets for identical assets or liabilities;</font></p>










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</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="top"><br></td>
<td style="vertical-align: top; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</font></td>
<td style="vertical-align: top; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Level 2 &#8211; inputs other than prices negotiated in active markets included in Level 1 and observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and</font></td>










</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="top"><br></td>
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(c)</font></td>
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: justify;" valign="top">
<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">Level 3 - inputs for assets or liabilities that are not based on observable market variables (unobservable inputs).</font></p>










</td>










</tr>





















</table>










</div>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br></div>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 607px;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 38.9706%;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 7.84314%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 7.84314%; 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;">Level</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 1.47059%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 21.3235%; 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;">Carrying value</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 1.10294%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Carrying value</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 1.47059%;">
<p style="margin: 0pt; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; width: 9.92647%; 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;">Fair value</font></p>























</td>









</tr>
<tr style="height: 34px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 38.9706%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">June 30, 2025</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 7.84314%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 34px; width: 7.84314%; 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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 34px; width: 1.47059%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 34px; width: 9.92647%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Measured at fair value through profit or loss</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 34px; width: 1.47059%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 9.92647%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Measured at amortized cost</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 34px; width: 1.10294%;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 34px; vertical-align: bottom; width: 9.92647%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 34px; width: 1.47059%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 34px; width: 9.92647%; 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: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; width: 38.9706%; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Financial assets:</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 7.84314%; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 7.84314%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1.47059%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 9.92647%; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1.47059%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 9.92647%; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1.10294%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 9.92647%; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 1.47059%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 9.92647%; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Cash and banks</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">979,457</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">979,457</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">979,457</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Securities and funds in local currency</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1,266,299</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1,266,299</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1,266,299</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Securities and funds in foreign currency</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4.a</font></p>























</td>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">651,662</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">651,662</font></p>























</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">651,662</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Financial investments</font></p>























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<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Securities and funds in local currency</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4.b</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">995,664</font></p>























</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">995,664</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">995,664</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Securities and funds in foreign currency</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4.b</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2,512,437</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2,512,437</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2,512,437</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>









</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 15px; margin: 0px; text-indent: 0px; height: 16px; vertical-align: bottom; width: 38.9706%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Financial</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; text-align: center; vertical-align: bottom; width: 7.84314%;" valign="bottom">26.f</td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: center; height: 16px; vertical-align: bottom; width: 7.84314%;" valign="bottom"><font style="color: #000000; font-family: Aptos; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Level 2</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; width: 1.47059%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: right; height: 16px; vertical-align: bottom; width: 9.92647%;" valign="bottom">715,139</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; width: 1.47059%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; text-align: right; height: 16px; vertical-align: bottom; width: 9.92647%;" valign="bottom"><font style="color: #000000; font-family: Aptos; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8208;</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; text-align: right; vertical-align: bottom; width: 9.92647%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">715,139</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; width: 1.47059%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; text-align: right; vertical-align: bottom; width: 9.92647%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">715,139</font></td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Operational</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">26.f</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">76,447</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">76,447</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">76,447</font></p>























</td>









</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Energy trading futures contracts</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">26.h</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">540,384</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">540,384</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">540,384</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">5.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4,155,912</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4,155,912</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4,155,912</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Reseller financing</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">5.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1,345,850</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1,345,850</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1,345,850</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Related parties</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">8</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,653</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,653</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,653</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other receivables and other assets</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">575,553</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">575,553</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">575,553</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: 38.9706%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; width: 9.92647%; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,327,634</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; width: 9.92647%; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,546,823</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; width: 1.10294%; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; width: 9.92647%; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,874,457</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; width: 9.92647%; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,874,457</font></p>























</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities:</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financing and debentures</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,257,847</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,931,050</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,188,897</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,310,958</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<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>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26.f</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">419,840</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">419,840</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">419,840</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operational</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26.f</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,159</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,159</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,159</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26.h</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">282,853</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">282,853</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">282,853</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,855,419</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,855,419</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,855,419</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables - reverse factoring</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16.b</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">257,822</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">257,822</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">257,822</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subscription warrants &#8211; indemnification</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 1</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">51,549</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">51,549</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">51,549</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities of customers</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">122,304</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">122,304</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">122,304</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contingent consideration</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,725</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,725</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,725</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Related parties</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,679</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,679</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,679</font></p>























</td>









</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other payables</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">148,818</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">148,818</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom; width: 9.92647%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">148,818</font></p>























</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 38.9706%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 7.84314%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; width: 9.92647%; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,044,248</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; width: 9.92647%; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,336,817</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.10294%;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; width: 9.92647%; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,381,065</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 1.47059%;" valign="bottom">
<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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; width: 9.92647%; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,503,126</font></p>























</td>









</tr>

































</table>
<p style="margin: 0pt;"><br></p>







</div>






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

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">57</font></font></td>






</tr>













</table>






</div>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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="line-height: 1;">
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>















</tr>
































</table>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.272%; height: 547px; text-indent: 0px;" width="100%">

<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: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Level</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Carrying value</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="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; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Carrying value</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value</font></p>























</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; 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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">December 31, 2024</font></p>























</td>
<td style="padding-left: 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: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Measured at fair value through profit or loss</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Measured at amortized cost</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>























</td>
<td style="padding-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: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 40%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Financial assets:</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 15px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Cash and banks</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">405,840</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">405,840</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">405,840</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Securities and funds in local currency</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: Aptos; font-size: 10pt; line-height: inherit;">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: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1,286,152</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; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1,286,152</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">1,286,152</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 15px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Securities and funds in foreign currency</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">379,601</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">379,601</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">379,601</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Financial investments</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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 15px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Securities and funds in local currency</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">4.b</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2,271,979</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2,271,979</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">2,271,979</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">Securities and funds in foreign currency</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: Aptos; font-size: 10pt; line-height: inherit;">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: center;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,854,126</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,854,126</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,854,126</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial</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; line-height: inherit;">26.f</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">825,783</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">825,783</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">825,783</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 15px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operational</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,203</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,203</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,203</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts</font></p>























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























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">404,695</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">404,695</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">404,695</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,913,004</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,913,004</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,913,004</font></p>























</td>










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























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,404,883</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,404,883</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,404,883</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Related parties</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">416</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">416</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other receivables and other assets</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">386,853</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">386,853</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">386,853</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; vertical-align: bottom; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,510,660</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; vertical-align: bottom; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,630,875</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; vertical-align: bottom; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,141,535</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; vertical-align: bottom; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,141,535</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; 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: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities:</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">15.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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,553,796</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,306,714</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,860,510</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,600,251</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 15px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial</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; line-height: inherit;">26.f</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">419,842</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">419,842</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">419,842</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 15px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operational</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">Level 2</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,758</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,758</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,758</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts</font></p>























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























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,776</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,776</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,776</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&#160;&#160; </font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,518,385</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,518,385</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,518,385</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">16.b</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subscription warrants &#8211; indemnification</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">Level 1</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























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























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























</td>










</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">180,225</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">180,225</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">180,225</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contingent consideration</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28.a</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,186</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,988</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95,174</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95,174</font></p>























</td>










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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">171,520</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">171,520</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">171,520</font></p>























</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; vertical-align: bottom; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,200,103</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; vertical-align: bottom; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,244,336</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; vertical-align: bottom; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,444,439</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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: 3pt; padding-right: 3pt; background-color: #cceeff; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; vertical-align: bottom; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,184,180</font></p>























</td>










</tr>


































</table>
<p style="margin: 0pt; line-height: 1;"><br></p>
<div style="line-height: 1;">
<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">58</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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="line-height: 1; margin: 0pt;"><br></p>
<div>
<div style="width: 8.5in; margin: 0 auto;">
<p style="line-height: 1; margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>










</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>










</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>










</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>










</tr>






















</table>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px; line-height: 1;"><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; text-indent: 0px; 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 Level 2 is described below:</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;">&#160;</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;">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: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; 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: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts: The fair value considers: (i) the prices established in recent purchases and sales; (ii) supply risk margin; and (iii) the market price projected in the availability period. Whenever the fair value at initial recognition differs from the transaction price for these contracts, a gain or loss is recognized.</font></p>
<p style="margin: 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;">&#160;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; 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: 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;">&#160;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; 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: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; 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: 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;">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: 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;">&#160;</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;">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: 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;">&#160;</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;">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: 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;">&#160;</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;">The Financial Risk Committee is responsible for monitoring the compliance with the Policy and deciding on any cases of non-compliance. The Audit and Risk Committee (&#8220;CAR&#8221;) advises the Board of Directors in the efficiency of controls and in the review of the Risk Management Policy. The Risk, Integrity and Audit Director monitors the compliance with the Policy and reports to CAR and the Board of Directors the exposure to the risks and any cases of non-compliance with the Policy.</font></p>
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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>










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<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>










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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>










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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>










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<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></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;">The Company and its subsidiaries are exposed to the following risks, which are mitigated and managed using specific financial instruments:</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<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; line-height: inherit;">Risks</font></p>























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<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: 8pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; 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: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;"><font style="font-family: 'times new roman', times;">Exposure</font> origin</font></p>























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<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: 8pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; 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: 8pt; font-weight: bold; line-height: inherit;">Management</font></p>























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<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; line-height: inherit;">Market risk - exchange rate</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; width: 2%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; width: 45%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<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; line-height: inherit;">Possibility of losses resulting from exposures to exchange rates other than the functional presentation currency, which may be of a financial or operational origin.</font></p>























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<p style="margin: 0px; break-after: avoid; break-inside: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; width: 31%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<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; line-height: inherit;">Seek exchange rate neutrality, using hedging instruments if applicable.</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">Market risk - interest rate</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">Possibility of losses resulting from the contracting of fixed-rate financial assets or liabilities.</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">Maintain most of the net financial exposure indexed to floating rates, linked to the basic interest rate.</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">Market risk - commodity prices</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">Possibility of losses resulting from changes in the prices of the main raw materials or products sold by the Company and their effects on profit or loss, statement of financial position and cash flow.</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">Hedging instruments, if applicable. </font></p>























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<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; line-height: inherit;">Credit risk </font></p>























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<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; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">Possibility of losses associated with the counterparty's failure to comply with financial obligations due to insolvency issues or deterioration in risk classification.</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 32px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">Diversification and monitoring of counterparty&#8217;s solvency and liquidity indicators.</font></p>























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<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; line-height: inherit;">Liquidity risk</font></p>























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<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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 48px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">Possibility of inability to honor obligations, including guarantees, and incurring losses.</font></p>























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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 48px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #d0cece !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #d0cece !important;">
<p style="margin: 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; line-height: inherit;">For cash management: financial investments liquidity. </font></p>
<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; line-height: inherit;">For debt management: seek the combination of better terms and costs, by monitoring the ratio of average debt term to financial leverage.</font></p>























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<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-size: 10pt; font-weight: bold;"><br></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-size: 10pt; font-weight: bold;">a. Market risk - exchange and interest rates</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: justify;"><font style="font-family: Aptos; font-size: 12pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</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;">Currency risk management is guided by neutrality of currency exposures and considers the risks associated to changes in exchange rates. The Company considers as its main exposure the assets and liabilities in foreign currency.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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;">The Company and its subsidiaries use foreign exchange hedging instruments to protect their assets, liabilities, receipts, disbursements and investments in foreign currencies. These instruments aim to reduce the effects of foreign exchange variations, within the exposure limits of its Policy.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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;">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>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">60</font></font></td>









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









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<p style="margin: 0pt;"><br></p>
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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>










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<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>










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<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>










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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</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: Aptos; font-size: 10pt; line-height: inherit;">The assets and liabilities exposed to foreign currency, translated to Reais, and/or exposed to floating interest rates are shown below:</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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: 8pt; line-height: inherit;">&#160;</font></p>























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<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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;">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: 8pt; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>























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<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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;">Interest 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: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>























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<td style="padding-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: 8pt; font-weight: bold; line-height: inherit;">Currency</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;">06/30/2025</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; line-height: inherit;">&#160;</font></p>























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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>























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<td style="padding-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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























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<td style="padding-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: 8pt; font-weight: bold; line-height: inherit;">Index</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;">06/30/2025</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 33%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Assets</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 6%; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 12%; 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; line-height: inherit;">&#160;</font></p>























</td>
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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;">&#160;</font></p>























</td>
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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;">&#160;</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 6%; vertical-align: bottom;" valign="bottom">
<p style="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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash, cash equivalents, and financial investments</font></p>























</td>
<td style="padding-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;">4.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,610,320</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,428,520</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,261,963</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,558,131</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; 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;">Trade receivables, net of allowance for expected credit losses</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</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;">195,168</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;">&#160;</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;">27,393</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inventories</font></p>























</td>
<td style="padding-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;">6</font></p>























</td>
<td style="padding-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;">BRL/ USD</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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;">&#160;</font></p>























</td>
<td style="padding-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;">93,821</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="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;">&#160;</font></p>























</td>
<td style="padding-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>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; 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 assets in foreign currency</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">45,470</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">21,028</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; 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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">&#8208;</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,850,958</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,570,762</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,261,963</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,558,131</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; font-weight: bold; text-decoration: underline; line-height: inherit;">Liabilities</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; font-weight: bold; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, financing and debentures<font style="font-size: 8pt;"><sup> (1)</sup></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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,648,185)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,681,657)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,480,119)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,515,010)</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; 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;">Loans &#8211; FINEP</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">TJLP</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;">(33,893)</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;">&#160;</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;">(679)</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payables arising from imports</font></p>























</td>
<td style="padding-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;">16.a</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(929,084)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">(936,140)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; 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 liabilities in foreign currency</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(128,726)</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(41,298)</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;">&#160;</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; 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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">&#8208;</font></p>























</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,705,995)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,659,095)</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,514,012)</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,515,689)</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; line-height: inherit;">Derivative instruments</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26.f</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD / EUR / JPY</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,099,080</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,470,855</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,380,486)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,380,131)</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; page-break-after: avoid; page-break-inside: avoid; text-indent: 0.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(755,957)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(617,478)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(10,632,535)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(6,337,689)</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; 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 liability position - equity</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;">&#160;</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(435,533)</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; 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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; 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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">&#8208;</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 10pt; 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 liability position - profit or loss</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(320,424)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(617,478)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(10,632,535)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; 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; line-height: inherit;">(6,337,689)</font></p>























</td>










</tr>


































</table>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="vertical-align: top; width: 3%;" 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: 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;">(1)</font></sup></font></td>
<td style="vertical-align: top; width: 97%; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -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;">Gross transaction costs of R$ 6,675 (R$ 7,807 as of December 31, 2024) and discount on notes in the foreign market of R$ 3,815 (R$ 5,246 as of December 31, 2024).</font></td>










</tr>





















</table>
<p style="margin: 0pt;"><br></p>












</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt;"><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; orphans: 0; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 103px; width: 100%;" width="100%">

<tr style="height: 35px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 35px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Exchange rate - Real devaluation <sup>(i)</sup></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 35px;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 35px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest rate increase <sup>(ii)</sup></font></p>























</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 79%; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; height: 16px;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 16px;"><br></td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; width: 79%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Effect on profit or loss</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,603)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,271)</font></p>























</td>












</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Effect on equity</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,425)</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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>












</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; height: 18px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff; 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; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">(27,028</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: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,271)</font></p>























</td>












</tr>




































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 97%; vertical-align: top; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The average U.S. dollar rate of R$ 5.6504 was used for the sensitivity analysis, based on future market curves as of June 30, 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$ 5.4571. The table above shows the effects of the exchange rate changes on the net liability position of R$ 755,957 (or US$ 138,527 using the closing rate) in foreign currency as of June 30, 2025.</font></td>










</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="font-size: 8pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;"><sup>(ii)</sup></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; 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; text-align: justify; float: none; display: inline !important;">&#160;</font></font></td>
<td style="vertical-align: top; text-align: justify;" valign="top"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; font-family: 'times new roman', times;">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 14.90% and the sensitivity rate was 14.69% according to reference rates made available by B3.</font></td>










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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">61</font></font></td>









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









</div>
<div style="width: 8.5in; margin: 0 auto;">
<div style="line-height: 1.2;">
<p style="margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>










</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>










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<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>










</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>










</tr>






















</table>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Market risk - commodity prices</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries are exposed to commodity price risk, mainly in relation to diesel and gasoline, affected by macroeconomic and geopolitical factors.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The foreign exchange derivative instruments and commodities designated as fair value hedge are concentrated in subsidiary IPP. The objective is to convert the cost of the imported product from fixed to variable until fuel blending, aligning it to the sales price. IPP uses over-the-counter derivatives for this hedge operation, aligning them with the value of the inventories of imported product.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To mitigate this risk, the Company continuously monitors the market and uses hedge operations with derivative contracts, traded on the stock exchange and the over-the-counter market.</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 48px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Derivative</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value (R$ thousand)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: 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;">&#160;</font></p>























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Possible scenario (&#8710; of 10% - R$ thousand)</font></p>























</td>























</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;">06/30/2025</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;">06/30/2025</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 36%; background-color: #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;">Commodity forward</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 15%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,890</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 15%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,707)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 15%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,132)</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 15%; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,430)</font></p>























</td>























</tr>















































</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="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: 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></td>
<td style="vertical-align: top; width: 97%; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The table above shows the positions of derivative financial instruments to hedge commodity price risk as of June 30, 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></td>










</tr>





















</table>
<p style="margin: 0pt; text-align: justify;"><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-weight: bold; line-height: inherit;">c. Credit risk</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credit risk is related to the possibility of non-compliance with a commitment by a counterparty in a transaction. Credit risk is managed strategically and arises from cash equivalents, financial investments, derivative financial instruments and trade receivables, among others.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">c.1 Financial institutions and government</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The credit risk of financial institutions and governments related to cash and cash equivalents, financial investments and derivative financial instruments as of June 30, 2025, by counterparty rating, is summarized 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; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 112px; 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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</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: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value</font></p>























</td>























</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Counterparty credit rating</font></p>























</td>
<td style="padding-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: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>























</td>
<td style="padding-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: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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: 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; width: 78%; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">AAA</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,671,963</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 1%; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; width: 10%; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<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;">7,</font><font style="font-size: 10pt; line-height: inherit;">557,385</font></font></p>























</td>























</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">AA</font></p>























</td>
<td style="padding-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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;">478,168</font></p>























</td>
<td style="padding-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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;">305,686</font></p>























</td>























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,846</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,668</font></p>























</td>























</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>























</td>
<td style="padding-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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,128</font></p>























</td>
<td style="padding-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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">164,945</font></p>























</td>























</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; vertical-align: bottom; 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; line-height: inherit;">7,197,105</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; vertical-align: bottom; 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; line-height: inherit;">8,031,684</font></p>























</td>























</tr>















































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">c.2 Trade receivables</font></p>
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The subsidiaries manage credit throughout the customer&#8217;s life cycle, with specific processes for monitoring credit risk and renegotiating or executing credit, as applicable.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For further information on the allowance for expected credit losses, see Note 5.b.</font></p>
<p style="margin: 0pt; 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">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>
<div style="line-height: 1.2;">
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>










</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>










</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>










</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>










</tr>






















</table>
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 9pt; font-weight: bold; text-align: justify;">&#160;</font></p>












</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">d. Liquidity risk</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liquidity risk is the possibility of the Company facing difficulties to comply with its financial obligations, which must be settled with payments or other financial assets. </font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main sources of liquidity of the Company and its subsidiaries arise from:</font></p>
<p style="margin: 0pt 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -36pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">(i)</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="line-height: inherit;">cash and financial investments; </font></font></p>
<p style="margin: 0pt 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -36pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</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;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="line-height: inherit;">loans. </font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries have sufficient working capital and sources of financing to meet their current needs. As of June 30, 2025, the Company and its subsidiaries had R$ 3,985,522 in cash, cash equivalents, and short-term financial investments (for quantitative information, see Note 4).</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><br></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below presents a summary of financial liabilities and leases payable as of June 30, 2025 by the Company and its subsidiaries, listed by maturity. The amounts presented are the contractual undiscounted cash flows, and may differ from the amounts disclosed in the statement of financial position:</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 144px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 50%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: Aptos; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom; width: 10.049%;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Less than 1 year</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom; width: 10.049%;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Between 1 and 3 years</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom; width: 10.049%;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Between 3 and 5 years</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom; width: 10.049%;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">More than 5 years</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom; width: 10.049%;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; 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: bottom; width: 50%; height: 16px; 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;"><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: 10.049%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,900,956</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10.049%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,805,162</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10.049%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,807,832</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10.049%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,000,411</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10.049%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,514,361</font></p>























</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; width: 50%;">
<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; height: 16px; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">593,318</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">574,699</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">164,089</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,139</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,362,245</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: 50%;">
<p style="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; height: 16px; background-color: #cceeff; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,855,419</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,855,419</font></p>























</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 50%;">
<p style="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; height: 16px; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">257,822</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">257,822</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: 50%;">
<p style="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; height: 16px; background-color: #cceeff; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">499,571</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">578,195</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">379,390</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,216,294</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,673,450</font></p>























</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 50%;">
<p style="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; height: 16px; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">93,631</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69,967</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">163,598</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: 50%;">
<p style="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; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">147,594</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,851</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: '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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">155,445</font></p>























</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 50%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,348,311</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,035,874</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,351,311</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,246,844</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 10.049%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">29,982,340</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; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 8pt; vertical-align: super; line-height: inherit;">(1)&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The interest on loans was estimated based on the US dollar, Euro at closing and on the future yield curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 ad BACEN as of June 30, 2025.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;"><font style="font-size: 8pt;">(2)</font></font></sup></font><font style="line-height: inherit;">&#160; Includes estimated interest on short-term and long-term loans until the contractually foreseen payment date.</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;"><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(3)</font><font style="line-height: inherit;">&#160;The derivative instruments were estimated based on the US dollar futures contracts and the future curves of the DI x fixed</font><font style="line-height: inherit;"> rate and DI x IPCA contracts, quoted on B3 as of June 30, 2025. In the table above, only the derivative instruments with negative results at the time of settlement were considered.</font></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;">&#160;</font><font style="font-family: Arial; font-size: 9pt; font-weight: bold;">&#160;</font></p>












</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">e. Capital management</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; widows: 0;"><br></p>
<p style="margin: 0pt 0pt 9pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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 0pt 9pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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 the &#8220;financial&#8221; derivative financial instruments, assets and liabilities, according to Note 26 Classes and categories of financial instruments and their fair values, and equity.</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">63</font></font></td>









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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>










</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>










</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>










</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>










</tr>






















</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><br></p>
<p style="margin: 0pt 0pt 9pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company may change its capital structure according to economic and financial conditions. Moreover, the Company also seeks to improve its return on invested capital by implementing efficient working capital management and a selective investment program.</font></p>
<p style="margin: 0pt 0pt 9pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Annually, the Company and its subsidiaries revise their capital structure, evaluating the cost of capital and the risks associated with each class of capital including the leverage ratio analysis, which is determined as the ratio between net debt and equity.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The leverage ratio at the end of the period/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: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; 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: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2025</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>























</td>












</tr>
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; width: 78%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gross debt and lease payable (a)</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; text-align: right;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,937,993</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; text-align: right;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,345,662</font></p>























</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash, cash equivalents, and short-term investments (b)</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: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,405,519</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: Aptos; font-size: 9pt; line-height: inherit;">&#160;</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;">7,197,699</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;">Financial instruments (c)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">295,299</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: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">405,941</font></p>























</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">Net debt = (a) - (b) </font><font style="font-weight: bold; line-height: inherit;">-</font><font style="font-weight: bold; line-height: inherit;"> (c)</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: Aptos; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">12,</font><font style="font-weight: bold; line-height: inherit;">237,175</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: Aptos; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,742,022</font></p>























</td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,395,769</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: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,823,444</font></p>























</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net debt-to-equity ratio</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: Aptos; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">6</font><font style="font-weight: bold; line-height: inherit;">6</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">52</font><font style="font-weight: bold; line-height: inherit;">%</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: Aptos; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">48.93</font><font style="font-weight: bold; line-height: inherit;">%</font></font></p>























</td>












</tr>




































</table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: Aptos; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; orphans: 0; page-break-after: avoid; page-break-inside: avoid; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">f. Selection and use of derivative financial instruments</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In selecting derivative instruments, the Company considers the estimated rates of return, risks, liquidity, calculation methodology for the carrying and fair values, and the applicable documentation.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments are used to hedge identified risks, at amounts that do not exceed 100% of the identified risk. Derivatives are referred to as "derivative instruments" to reflect their restricted function of hedging identified risks.</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><br></p>






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

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">64</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;"/>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









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<div style="line-height: 1.2;">
<p style="margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>










</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>










</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>










</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>










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</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;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below summarizes the gross balance of the position of derivative instruments contracted as well as of the gains (losses) that affect the equity and the statement of income of the Company and its subsidiaries: </font></p>
<p style="margin: 0pt;"><br></p>























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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 356px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td colspan="4" 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; font-weight: bold; text-decoration: underline; line-height: inherit;">Derivatives designated as hedge accounting</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#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;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#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;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#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;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#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;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>










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<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Product</font></p>























</td>
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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; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracted rates</font></p>























</td>
<td style="padding-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: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Notional amount <sup>(2)</sup></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value as of 06/30/2025</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Gains (losses) as of 06/30/2025</font></p>























</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</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: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>























</td>
<td 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="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;">&#160;</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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;">06/30/2025</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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit or loss</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;"><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: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; height: 16px; background-color: #cceeff; width: 21%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="font-size: 8pt; line-height: inherit;"><sup>(1)</sup></font></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 13%; 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; line-height: inherit;">USD + 5.1%</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 13%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">105.0% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 6%; vertical-align: bottom;" valign="bottom">
<p style="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;">Apr/26</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 12%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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; line-height: inherit;">USD 243,565</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 7%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,043</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 1%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 7%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (76,580)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 7%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (172,444)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-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;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; width: 7%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 14,832</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 4px; 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;">Foreign exchange swap <font style="font-size: 8pt;"><sup>(1)</sup></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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">14.</font><font style="line-height: inherit;">6</font><font style="line-height: inherit;">%</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">106.6% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;">Oct/27</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">USD 89,437</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,511</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,511</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">(12,393)</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; 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;">Foreign exchange swap <font style="font-size: 8pt;"><sup>(1)</sup></font></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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">EUR + 3.0%</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104.0% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Feb-27</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">EUR 77,535</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; 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: 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;">&#160;</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;">(2,768)</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;">&#160;</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;"> (33,776)</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;">&#160;</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;">(2,349)</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 4px; 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;">Foreign exchange swap <font style="font-size: 8pt;"><sup>(1)</sup></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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">JPY + 1.5%</font></p>























</td>
<td style="padding-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;">109.4% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">-</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">-</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;"> (30,066)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">-</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; 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-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">Foreign exchange swap</font><font style="font-size: 8pt;"><sup><font style="line-height: inherit;"> (1)</font></sup></font></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">SOFR + 0.9%</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">103.3% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Feb/26</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">USD 104,535</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; 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: 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;"> -</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;">&#160;</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;"> (43,285)</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;">&#160;</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;"> (52,011)</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;">&#160;</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;"> 2,673</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 4px; 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;">Interest rate swap <font style="font-size: 8pt;"><sup>(1)</sup></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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">IPCA + 5.2%</font></p>























</td>
<td style="padding-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;">103.0% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;">Jun/32</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">BRL 3,040,000</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; 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: 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;">342,109</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,798)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;"> 81,704</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;"> (72,429)</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; 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;">Interest rate swap <font style="font-size: 8pt;"><sup>(1)</sup></font></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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">IPCA + 2.9%</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69.5% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nov/41</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">BRL 252,441</font></p>























</td>
<td style="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;">&#160;</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;">&#160;</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;"> (6,627)</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;">&#160;</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;"> (4,055)</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;">&#160;</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;"> 20,965</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 4px; 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;">Interest rate swap <font style="font-size: 8pt;"><sup>(1)</sup></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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">11.</font><font style="line-height: inherit;">2</font><font style="line-height: inherit;">%</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104.3% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;">Jul/27</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">USD 525,791</font></p>























</td>
<td style="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;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;"> (28,114)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 19,655</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (24,986)</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; 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;">Commodity forward <font style="font-size: 8pt;"><sup>(1)</sup></font></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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">BRL</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Heating Oil/ RBOB</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec/25</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">USD 53,600</font></p>























</td>
<td style="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;">&#160;</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;"> 45,907</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;">&#160;</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;"> (17,468)</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;">&#160;</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;"> 17,533</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;">&#160;</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: 0px 0px 0px 4px; 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;">NDF <font style="font-size: 8pt;"><sup>(1)</sup></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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">BRL</font></p>























</td>
<td style="padding-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;">USD</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;">Dec/25</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">USD 16,532</font></p>























</td>
<td style="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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,590</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (4,087)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;"> 9,655</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; 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;">&#160;</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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>























</td>
<td style="padding: 0px 0px 0px 4px; height: 16px; background-color: #cceeff; 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; vertical-align: bottom;" valign="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;">Total - designated</font></p>























</td>
<td style="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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> 402,160</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> (180,727)</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> (160,294)</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> (73,687)</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td colspan="4" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Derivatives not designated as hedge accounting</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
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</tr>
<tr style="height: 16px; background-color: #cceeff;">
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</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
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<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;">&#160;</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;">&#160;</font></p>























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<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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">USD + 0.0%</font></p>























</td>
<td style="padding-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;">52.5% CDI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;">Jun/29</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">USD 300,000</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;"> 361,101</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;"> (174,268)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">USD + 4.9%</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.6%</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct/31</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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">USD 50,000</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;">&#160;</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;">&#160;</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-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">(12,83</font><font style="line-height: inherit;">5</font><font style="line-height: inherit;">)</font></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;">&#160;</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;">(63,889)</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;">&#160;</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; 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;">NDF</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">USD</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">&#160;</font></p>























</td>
<td style="padding-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;">Sept/25</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">USD 14,459</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,654</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (6,808)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (20,034)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Commodity forward</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">BRL</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Heating Oil/ RBOB</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nov/25</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; background-color: #cceeff; 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; line-height: inherit;">USD 25,787</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;">&#160;</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;"> 8,671</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;">&#160;</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;"> (9,220)</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;">&#160;</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;"> 4,731</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;">&#160;</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; 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;">Interest rate swap</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">USD + 5.2%</font></p>























</td>
<td style="padding-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;">CDI -1.4%</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;">Jun/29</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; height: 16px; 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; line-height: inherit;">USD 300,000</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;"> (242,409)</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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;"> 21,204</font></p>























</td>
<td style="padding-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;">&#160;</font></p>























</td>
<td style="padding-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>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>























</td>
<td style="padding: 0px 0px 0px 4px; height: 16px; background-color: #cceeff; 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; vertical-align: bottom;" valign="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;">Total - not designated</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> 389,426</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> (271,272)</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> (232,256)</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; background-color: #cceeff; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>























</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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; vertical-align: bottom;" valign="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;">Total</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> 791,586</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> (451,999)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> (392,550)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; 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; vertical-align: bottom;" valign="bottom">
<p style="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;"> (73,687)</font></p>























</td>










</tr>


































</table>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 32px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 16px;">
<td style="height: 16px; vertical-align: top;" valign="top"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="font-size: 8pt;"><sup><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; line-height: inherit;">(1)</font></sup></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; line-height: inherit;">&#160;</font></font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><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;">Derivative financial instruments designated for fair value hedge accounting (see Note 26.g.1).</font></td>










</tr>
<tr style="height: 16px;">
<td style="height: 16px; vertical-align: top; width: 3%;" 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: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2)</font></sup></font></td>
<td style="height: 16px; vertical-align: top; width: 97%;" valign="top"><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;">Currency as indicated.</font></td>










</tr>





















</table>
<p style="margin: 0pt;"><br></p>







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</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">65</font></font></td>









</tr>



















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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>










</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>










</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>










</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>










</tr>






















</table>
<p style="margin: 0pt; orphans: 0; 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: 298px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td colspan="4" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Derivatives designated as hedge accounting</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</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: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="background-color: #ffffff; padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</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: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="background-color: #ffffff; padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 9pt; line-height: inherit;">&#160;</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Product</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracted rates</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Notional amount (3)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value as of 06/30/2024</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td colspan="3" style="padding-left: 3pt; padding-right: 3pt; height: 16px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Gains (losses) as of 06/30/2024</font></p>























</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</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: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</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: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</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: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">06/30/2024</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit or loss</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: Aptos; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value adjustment of debt - R$</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 21%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="font-size: 8pt;"><sup>(1)</sup></font></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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 13%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD + 0.0%</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 13%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">53.6% DI</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 12%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</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; 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: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 7%; 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; line-height: inherit;">&#8208;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 1%; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 7%; 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; line-height: inherit;">&#8208;</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; 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: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 7%; 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; line-height: inherit;"> 5,581</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; 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: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 7%; 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; line-height: inherit;">&#8208;</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="font-size: 8pt;"><sup>(1)</sup></font></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD + 5.4%</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109.9% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sept/25</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> USD 206,067</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;">&#160;</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;"> 38,756</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;">&#160;</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 120,065</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;">&#160;</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;"> 1,931</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; 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;">Foreign exchange swap <font style="font-size: 8pt;"><sup>(1)</sup></font></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">EUR + 5.2%</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109.4% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar/25</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> EUR 120,147</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;">&#160;</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;"> 30,058</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;">&#160;</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;">&#160;</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;"> 38,259</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;">&#160;</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;"> 3,266</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange swap <font style="font-size: 8pt;"><sup>(1)</sup></font></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">JPY + 1.</font><font style="line-height: inherit;">6</font><font style="line-height: inherit;">%</font></font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109.0% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar/25</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> JPY 24,098,829</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;">&#160;</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;"> 2,284</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;">&#160;</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;"> (85,110)</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;">&#160;</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;"> (24,728)</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (6,546)</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap <font style="font-size: 8pt;"><sup>(1)</sup></font></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">IPCA + 5.</font><font style="line-height: inherit;">1</font><font style="line-height: inherit;">%</font></font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104.0% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun/32</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 2,873,693</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;">&#160;</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;"> 418,857</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;">&#160;</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;">&#160;</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;"> (131,339)</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;">&#160;</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;"> 41,421</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap <font style="font-size: 8pt;"><sup>(1)</sup></font></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10.48%</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">103.6% DI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jul/27</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 615,791</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;">&#160;</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;">&#160;</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;"> (18,250)</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;">&#160;</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;"> (30,864)</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;">&#160;</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;"> (11,412)</font></p>























</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; 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;">Commodity forward <font style="font-size: 8pt;"><sup>(1)</sup></font></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Heating Oil/ RBOB</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec/24</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 184,089</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;">&#160;</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;"> 20,042</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;">&#160;</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;"> (6,461)</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;">&#160;</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;"> (26,465)</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;">&#160;</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: 0px 0px 0px 4px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">NDF <font style="font-size: 8pt;"><sup>(1)</sup></font></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec/24</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 95,671</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;">&#160;</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;"> 2,591</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;">&#160;</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;"> (12,489)</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;">&#160;</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;"> (29,462)</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;">&#160;</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>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 4px; 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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 16px; background-color: #cceeff; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total - designated</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 512,588</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (122,310)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (78,953)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 28,660</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td colspan="4" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Derivatives not designated as hedge accounting</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">Foreign exchange swap</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD + 0.0%</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52.5% CDI</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun/29</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 300,000</font></p>























</td>
<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;">&#160;</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;"> 330,318</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;">&#160;</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;">&#160;</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;"> 136,792</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;">&#160;</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">NDF</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sept/24</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 104,952</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;">&#160;</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;"> 12,849</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;">&#160;</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;"> (7,111)</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;">&#160;</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;"> 41,968</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;">&#160;</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>










</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;">Commodity forward</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Heating Oil/ RBOB</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Feb/25</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 346,287</font></p>























</td>
<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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 33,137</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;">&#160;</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;"> (32,805)</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,580)</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;">&#160;</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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD + 5.2%</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">CDI - 1.</font><font style="line-height: inherit;">4</font><font style="line-height: inherit;">%</font></font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun/29</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">USD 300,000</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;">&#160;</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;">&#160;</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;"> (236,315)</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;">&#160;</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;"> (71,678)</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;">&#160;</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>










</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 16px; background-color: #cceeff; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total - not designated</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 376,304</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (276,231)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 105,502</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8208;</font></p>























</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 888,892</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (398,541)</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 26,549</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 28,660</font></p>























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<td style="height: 16px; vertical-align: top;" valign="top"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="font-size: 8pt;"><sup><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; line-height: inherit;">(1)</font></sup></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; line-height: inherit;">&#160;</font></font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><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;">Derivative financial instruments designated for fair value hedge accounting (see Note 26.g.1).</font></td>










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<td style="height: 16px; vertical-align: top; width: 3%;" 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: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2)</font></sup></font></td>
<td style="height: 16px; vertical-align: top; width: 97%;" valign="top"><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;">Currency as indicated.</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">66</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><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>










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<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>










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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>










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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>










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<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; font-style: italic; font-weight: bold; line-height: inherit;">g. Hedge accounting</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;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries use 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; 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;">&#160;</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 hedged items and the hedging instruments have a high correspondence, since the contracted instruments have characteristics equivalent to the transactions considered as the hedged item. The Company and its subsidiaries designated a hedge ratio for transactions designated as hedge accounting, since the underlying risks of the hedging instruments correspond to the risks of the hedged items.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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 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; 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;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">g.1 Fair value hedge</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;">&#160;</font></p>
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries use 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 June 30, 2025, no material ineffectiveness was identified in fair value hedge operations.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</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-weight: bold; line-height: inherit;">g.2</font><font style="font-weight: bold; line-height: inherit;">&#160;</font><font style="font-weight: bold; line-height: inherit;">Cash flow hedge</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">The subsidiary</font><font style="line-height: inherit;"> Hidrovias</font><font style="line-height: inherit;"> Cabotagem adopts cash flow hedge to protect part of its future revenues in dollars, linked to a long-term contract, using the principal of the debt in foreign currency contracted from BNDES as a hedging instrument.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange rate variations are recognized on a monthly basis in other comprehensive income and reclassified to statement on income as the hedged revenues are recognized.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The effectiveness of the hedge is monitored according to the offsetting variations between the instrument and the hedged item.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 2025 onwards, subsidiary Hidrovias began to present the effects of Cabotagem as Discontinued Operation, see Note 28.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">h. Financial instruments (energy trading futures contracts)</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;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company&#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: 2pt 0pt 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sensitivity analysis &#8211; level 2 hierarchy</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value of energy contracts</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























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<td colspan="2" style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Sensitivity of inputs to fair value (a)</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; line-height: inherit;">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; line-height: inherit;">Discounted cash flow method</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 19%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">540,384</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 10%; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">+10%</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 10px; width: 19%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">623,683</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;">&#160;</font></p>























</td>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; text-align: right;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-10%</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; 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;">444,149</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; line-height: inherit;">&#160;</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;">&#160;</font></p>























</td>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>























</td>
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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;">&#160;</font></p>























</td>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Financial 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; line-height: inherit;">&#160;</font></p>























</td>
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<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">282,853</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;">&#160;</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; text-align: right;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">+10%</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">398,213</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;">&#160;</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;">&#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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 16px; text-align: right;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-10%</font></p>























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<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">189,806</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: Aptos; font-size: 9pt; line-height: inherit;">(a) This 10% variation scenario represents a fluctuation considered reasonable by the Company, based on the history of negotiations concluded under similar market conditions.</font></p>
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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
















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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>
















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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>
















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<p style="font-family: 'times new roman', times; font-size: 10pt; background-color: #002060; margin: 12pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; color: #ffffff;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">27. <a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bn27_772025155831530"><font style="color: #ffffff;">Acquisition of Interest and Control</font></a></font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">a. Acquisition of service stations from P&#227;o de A&#231;&#250;car Group by subsidiary Millennium&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On June 10, 2024, through its subsidiary Centro de Conveni&#234;ncias Millenium Ltda., the Company signed a contract for the acquisition of 49 service stations from P&#227;o de A&#231;&#250;car Group, located in the state of S&#227;o Paulo, for R$ 130,000 plus working capital adjustments. CADE approved the transaction on July 22, 2024. On August 13, 2024, R$ 90,000 was paid as an advance. </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the second quarter of 2025, the acquisition of 3 of the 49 service stations was completed. The total amount paid for these stations was R$ 6,211, of which R$ 3,628 had already been paid previously as an advance.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">b. Hidrovias do Brasil S.A.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In 2023, the Company began the process of acquiring an interest in Hidrovias do Brasil S.A. (&#8220;Hidrovias&#8221;), through the purchase of a 4.99% direct interest and a 4.99% indirect interest, through Total Return Swaps (&#8220;TRS&#8221;), recognized as financial asset and measured at fair value in accordance with IFRS 9/CPC 48. On March 18, 2024, the Company contributed its direct interest to its subsidiary Ultra Log&#237;stica Ltda. and settled the TRS. From this date, all transactions have been carried out through subsidiary Ultra Log&#237;stica Ltda. </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On May 7, 2024, subsidiary Ultra Log&#237;stica completed the purchase of 128,369,488 shares from Hidrovias, which represented 16.88% of its share capital, at a cost of R$ 3.98/share. Also in May 2024, when obtaining sufficient evidence demonstrating its power to exert significant influence on decisions regarding Hidrovias' financial and operational policies, subsidiary Ultra Log&#237;stica began to recognize its interest in Hidrovias as an investment in an associate with significant influence, in accordance with IAS 28/CPC 18.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subsequently, throughout the first quarter of 2025, subsidiary Ultra Log&#237;stica acquired additional shares of Hidrovias through trading on the Stock Exchange (&#8220;B3&#8221;) in the amount of R$ 7,373.&#160; With these acquisitions, Ultra Log&#237;stica's interest in Hidrovias reached 42.26% of the share capital.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the second quarter of 2025, Ultra Log&#237;stica acquired a total of 180,923,231 shares of Hidrovias for R$&#160;345,892. Of this amount, 42,877,800 refer to common shares (HBSA3), in the amount of R$&#160;122,263, and 138,045,431 correspond to subscription rights (HBSA1 and HBSA9), in the amount of R$&#160;223,629, all linked to the capital increase of Hidrovias.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The acquisition of control occurred in May 2025, with the approval of the capital increase in Hidrovias. On that occasion, the share capital of Hidrovias was increased by R$ 1,200,000 with the issuance of 600,000,000 shares, rising from R$ 1,359,469 (760,382,643 shares) to R$ 2,559,469 (1,360,382,643 shares). Therefore, with the conversion of subscription rights (HBSA1 and HBSA9) into common shares (HBSA3), Ultra Log&#237;stica now holds 682,252,831 common shares, representing 50.15% of the total share capital of Hidrovias, thus consolidating the acquisition of corporate control.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company, based on applicable accounting standards and with the support of a company specialized in valuations, carried out, in the same month the control was acquired, the provisional allocation of the purchase price (&#8220;Purchase Price Allocation&#8221; &#8211; PPA), with the identification of assets acquireds and assumed liabilities measured at fair value and the recognition of the accounting goodwill. Additionally, the Company does not expect to the tax amortization of revaluation of assets and liabilities remeasured at fair value. Therefore, the deferred income tax liability is recognized on the provisional capital gains and losses recorded. The allocation was considered provisional in function of the ongoing necessary analysis. The Company predicts to conclude the process and realize the final alocation until the closing of the financial year of 2025.</font></p>
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<p><font style="font-size: 13pt; font-weight: bold; text-align: justify;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>








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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; text-align: justify;">For the periods ended June 30, 2025</font></td>








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<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below summarizes the consolidated balances of assets acquired and liabilities assumed at the acquisition date recognized at fair value, reflecting the purchase price allocations and provisional goodwill determination:</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,155,510 </font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bonds and other securities</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,171 </font></p>






























</td>
























</tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>






























</td>
<td style="padding: 0px 4px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">119,082 </font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inventories</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">168,889 </font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recoverable taxes</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">198,360 </font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prepaid expenses</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">65,607 </font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Related parties</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,825 </font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other receivables</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;137,093 </font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets of subsidiaries held for sale </font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">736,540 </font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Escrow deposits</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,375 </font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred tax assets</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">74,730</font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other investments</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">121,710 </font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Property, plant and equipment, net</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,275,648 </font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intangible assets, net</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,292,934</font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Right-of-use asset, net</font></p>






























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">331,202</font></p>






























</td>
























</tr>
<tr style="height: 20px;">
<td style="padding: 0px 4px; height: 20px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments</font></p>






























</td>
<td style="padding: 0px 4px; height: 20px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,270 </font></p>






























</td>
























</tr>























































</table>
<table cellspacing="0" cellpadding="0" width="100%" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0pt; height: 138px; width: 100%;">

<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; width: 90%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration-line: underline; line-height: inherit;">Liabilities</font></p>
























</td>
<td style="padding: 0px 4px; height: 10px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans and financing</font></p>
























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,542,285 </font></p>
























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>
























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104,490 </font></p>
























</td>
























</tr>
<tr style="height: 19px;">
<td style="padding: 0px 4px; height: 19px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Salaries and related charges</font></p>
























</td>
<td style="padding: 0px 4px; height: 19px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46,246 </font></p>
























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Taxes payable, income and social contribution taxes payable</font></p>
























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">126,869 </font></p>
























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred tax liabilities</font></p>
























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">590,220 </font></p>
























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Legal claims</font></p>
























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,962 </font></p>
























</td>
























</tr>
<tr style="height: 19px;">
<td style="padding: 0px 4px; height: 19px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Advances from customers</font></p>
























</td>
<td style="padding: 0px 4px; height: 19px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,365 </font></p>
























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases payable</font></p>
























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">286,778 </font></p>
























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other payables</font></p>
























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">119,491 </font></p>
























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liabilities of subsidiaries held for sale </font></p>
























</td>
<td style="padding: 0px 4px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">500,708 </font></p>
























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments</font></p>
























</td>
<td style="padding: 0px 4px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,643</font></p>
























</td>
























</tr>

















































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">&#160;</p>














</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<table style="width: 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;"/>
<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="font-family: 'times new roman', times; font-size: 10pt;">
<div style="width: 8.5in; margin: 0px auto; line-height: 1.2;">
<p style="margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>
















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>
















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>
















</tr>


































</table>
<p style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2; margin: 0pt;"><br></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; height: 130px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; width: 90%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill based on expected future profitability</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">332,374 </font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling interests<font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(1)</font></sup></font></font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,666,929 </font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Assets and liabilities consolidated in the opening balance</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,009,334 </font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets acquired</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,392,110 </font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liabilities assumed</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,715,149)</font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill based on expected future profitability</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; &#160; 332,374 </font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Final investment in 50.15% interest</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,009,334 </font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Reversal of the non-cash effect of the acquisition</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gain on acquisition of control of associate</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(113,655)</font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share of profit (loss) of subsidiaries, joint ventures and associates before acquisition of control</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">148,518 </font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Acquisition value - cash</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,044,197 </font></p>






























</td>
























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents acquired</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,155,510)</font></p>






























</td>
























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash from transaction</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">888,687 </font></p>






























</td>
























</tr>























































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table style="font-family: 'times new roman'; font-size: 10pt; width: 100%; margin: 0px; border-collapse: collapse; height: 17px; text-indent: 0px;">

<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; width: 3%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" 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; line-height: inherit; display: inline !important;">(1)</font></sup></font></td>
<td style="height: 17px; vertical-align: top; width: 97%; 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-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;">The non-controlling interest is determined based on the net value of assets and liabilities on the acquisition date, considering the proportion of 49.85%.</font></td>

























</tr>



















































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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;"><br>The gain in the acquisition of control of an associate results from the change in its corporate classification, from associate to subsidiary, after a series of acquisitions in stages with the objective of acquiring control. Until then, the investment was accounted for under the equity method, in accordance with CPC 18 (R2) / IAS 28. With the acquisition of control, assets, liabilities, revenues and expenses are fully consolidated, in accordance with CPC 36 (R3) / IFRS 10. In line with the provisions of CPC 15 (R1) / IFRS 3, the previously held interest was measured at fair value on the acquisition date, and the effects of this revaluation were recognized in the investment goodwill, as required by the accounting standard. In view of the various stages of acquisitions of Hidrovias, two revaluation effects were recognized on the investment goodwill, as shown in the table below:</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px auto; height: 91px; width: 100%;" width="100%">

<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 90%;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Revaluation of investment</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






























</td>






























</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Revaluation of investment (from financial asset to associate) - IFRS 9 / IAS 28 </font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">(1)</font></font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">66,267 </font></p>






























</td>






























</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Revaluation of investment (from associate to subsidiary) - IAS 28 / IFRS 3 </font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">(</font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">2</font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">)</font></font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,388 </font></p>






























</td>






























</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Gain on acquisition of control of associate</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">113,655 </font></p>






























</td>






























</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Write-off of accumulated effects in equity before control - IAS 28 / IFRS 3 </font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">(2)</font></font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,717</font></p>






























</td>






























</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>






























</td>
<td style="padding: 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">157,372</font></p>






























</td>






























</tr>





























































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table style="font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse;">

<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="font-size: 10pt; line-height: inherit;"><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: -10.2px; 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; vertical-align: super; line-height: inherit;">(1)</font></sup></font><font style="color: #000000; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'times new roman', times; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -10.2px; 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;">&#160;</font></font></td>
<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: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -10.2px; 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; line-height: inherit; display: inline !important;">Transition from financial asset to investment in associate, recognized in May 2024 in financial results.</font></td>


























</tr>
<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; width: 3%;" valign="top"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -10.2px; 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; vertical-align: super; line-height: inherit;">(2)</font></sup></font><font style="color: #000000; 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; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -10.2px; 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;">&#160;</font></font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: justify; vertical-align: top; width: 97%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -10.2px; 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; line-height: inherit; display: inline !important;">Transition from investment in associate to investment in subsidiary, recognized in May 2025 under the equity method. Additionally, as provided for in the applicable accounting standard, the accumulated balances in other comprehensive income, recorded since the significant influence was obtained, were fully reversed to profit or loss for the period. The total impact of the transition was R$ 91,105.</font></td>


























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</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt 0pt 0pt 7.1pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Aptos; font-size: 8pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">After acquiring control of Hidrovias, the Company, through its subsidiary, acquired additional interests. Such acquisitions do not fall within the scope of business combinations for the purposes of price and goodwill allocation. Therefore, the difference between the price paid and the equity value of the shares acquired was recorded in equity, under shareholder transactions. Through these additional acquisitions, the interest in Hidrovias on June 30, 2025 was 52.05%.<br></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From the date of acquisition until June 30, 2025, Hidrovias contributed to the Company with net revenue of R$ 458,060 and net income of R$ 54,520. If the acquisition had taken place on January 1, 2025, the Company would have consolidated net revenue of R$ 68,063,189 and net income of R$&#160;1,541,942.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">70</font></font></td>























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























</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="margin: 0pt;"><br></p>
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<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
























</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>
























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<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>
























</tr>
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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>
























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</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: Aptos; font-size: 6pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">c. WTZ Participa&#231;&#245;es S.A.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On September 1, 2024, through subsidiary Cia Ultragaz, the Company acquired 51.7% of the voting share capital of WTZ Participa&#231;&#245;es S.A. (&#8220;Witzler&#8221;). The transaction qualifies as a business combination as defined in IFRS 3 (CPC 15 (R1)) &#8211; Business Combinations. This acquisition is in line with Ultragaz's strategy to expand its offering of energy solutions to its customers, leveraging on its capillarity, commercial strength, brand and extensive base of corporate and residential customers.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; 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;">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="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The initial payment, including the capital contribution in the amount of R$ 49,490, totaled R$&#160;104,490. During the period, amounts relating to contingent consideration were paid, totaling R$&#160;45,106. The remaining transaction amount of R$ 278 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="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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;">The table below summarizes the consolidated balances of assets acquired and liabilities at the acquisition date, subject to adjustment for purchase price allocation and goodwill determination:</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0pt; height: 167px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 90%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">Cash and cash equivalents</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;"> 5,399</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;">Trade receivables</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 33,168</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;">Recoverable taxes</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,036</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; line-height: inherit;">Prepaid expenses</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; line-height: inherit;"> 170</font></p>






























</td>
























</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other receivables</font></p>






























</td>
<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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 306</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; line-height: inherit;">Other investments</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; line-height: inherit;"> 5</font></p>






























</td>
























</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Property, plant and equipment, net</font></p>






























</td>
<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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 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; page-break-after: avoid; page-break-inside: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intangible assets, 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;"> 11</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;">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; page-break-after: avoid; page-break-inside: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 209,348</font></p>






























</td>
























</tr>























































</table>
<table cellspacing="0" cellpadding="0" width="100%" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0pt; height: 149px; width: 100%;">

<tr style="height: 17px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 90%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration-line: underline; line-height: inherit;">Liabilities</font></p>
























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
























</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans and 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 68</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;">Trade 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; line-height: inherit;"> 27,541</font></p>
























</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Salaries 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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,211</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; line-height: inherit;">Taxes payable, income and social contribution taxes payable</font></p>
























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 80,918</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; line-height: inherit;">Other payables</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; line-height: inherit;"> 2,641</font></p>
























</td>




</tr>
<tr style="height: 17px;">
<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: middle; height: 17px;"><br></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; line-height: inherit;">Goodwill based on expected future profitability</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; line-height: inherit;"> 52,038</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;">Non-controlling interests</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;">67,4</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98</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;"><font style="font-weight: bold;">Assets and liabilities consolidated in the opening balance</font></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"><font style="font-weight: bold;">124,288</font></td>




</tr>





























</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>














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

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">71</font></font></td>






















</tr>













































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>






















</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="width: 8.5in; margin: 0 auto;">
<p style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; margin: 0pt;"><br></p>
<table style="font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>























</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>























</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>























</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>























</tr>
















































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0pt; height: 292px; width: 100%;" width="100%">

<tr style="background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 90%; background-color: #cceeff;"><br></td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; background-color: #cceeff;"><br></td>
























</tr>
<tr style="height: 10px;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 90%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets acquired</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 130,867</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; line-height: inherit;">Liabilities assumed</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 58,617</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; line-height: inherit;">Goodwill based on expected future profitability</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 52,038</font></p>






























</td>
























</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 19px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Acquisition value</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 19px; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 124,288</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: calibri; font-size: 9pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">&#160;</font></p>






























</td>
























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






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Cash</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">55,000</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; line-height: inherit;">Acquisition of ownership interest via capital contribution (as non-controlling interests)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,904</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; line-height: inherit;">Contingent consideration settled</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,106</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; line-height: inherit;">Contingent consideration to be settled</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 278</font></p>






























</td>
























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






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 124,288</font></p>






























</td>
























</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Net cash outflow resulting from 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Initial consideration in cash</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">55,000</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; line-height: inherit;">Contingent consideration settled</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,106</font></p>






























</td>
























</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents acquired</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 18px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (5,399)</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; font-weight: bold; line-height: inherit;">Acquisition value</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 94,707</font></p>






























</td>
























</tr>























































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; text-align: justify; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">28. <a style="text-decoration: none; cursor: default; outline: none; pointer-events: none; color: #000000;" href="#TOC" name="Bn28_77202516251604"><font style="color: #ffffff;">Discontinued operation</font></a></font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">a. Cabotagem purchase and sale agreement</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On February 27, 2025, Hidrovias entered <font style="color: #ffffff;">into</font> an agreement for the sale of all shares in HB &#8211; Cabotagem (&#8220;Cabotagem&#8221;) to Companhia de Navega&#231;&#227;o Norsul (&#8220;Norsul&#8221;). The cabotage operation was acquired by Hidrovias in 2016 for the performance of a contract dedicated to the transportation of bauxite from the Porto Trombetas mine to the client's alumina refinery in Barcarena, expiring in 2034.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The total sale amount (enterprise value) is R$ 715 million, which 195 million refers to the amount of equity (equity value) and R$ 521 million of debt amount, as of December 31, 2024. The full amount will be paid on the closing date of the transaction, and will be subject to usual price adjustments for this type of transaction, including working capital adjustments.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The transaction was approved by CADE without restrictions on April 16, 2025. The transaction will be closed after the completion of other usual conditions precedent for this type of operation.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: calibri; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">On June 30, 2025, Hidrovias performed the impairment test on the assets and identified a difference between the transaction value and the carrying amount of the assets. Therefore, it recognized in the statement of income for the period the amount net of income tax of R$ 52,502 related to the impairment, even in the absence of evidence of operational deterioration of the assets.</font><br></font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>














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

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






















</tr>













































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
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<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>
















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>
















</tr>
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<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>
















</tr>


































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: calibri; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;"><br></font></font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The impairment of the assets was attributed entirely to the goodwill and the remanescent was attributed to other Hidrovias assets. </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0pt; height: 37px; width: 100%;" width="100%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; width: 90%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Allocation of impairment</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 79,549</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;">Deferred income and social contribution taxes</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;"> (27,047)</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; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Net </font><font style="font-weight: bold; line-height: inherit;">impairment</font><font style="font-size: 8pt;"><sup><font style="font-weight: bold; vertical-align: super; line-height: inherit;">(</font><font style="font-weight: bold; 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: 10px; 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; line-height: inherit;"> 52,502</font></p>






























</td>






























</tr>





























































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&#160;<br></font></p>
<table style="font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;">

<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super; line-height: inherit; font-size: 8pt;">(1)</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</font></font></td>
<td style="width: 97%; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Considering the acquisition of control of Hidrovias in May 2025, according to Note 27.b, the net impairment for the period recorded in the Company is R$ 28,838.</font></td>

























</tr>



















































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">b. The main classes of assets and liabilities classified as held for sale as of June 30, 2025 are shown below:</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: Calibri; font-size: 11pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0pt; 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: 8pt; font-weight: bold; line-height: inherit;">ASSETS</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cabotagem June/2025</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






























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






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Impact of impairment</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cessation of depreciation</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">B</font><font style="font-weight: bold; line-height: inherit;">alance </font><font style="font-weight: bold; line-height: inherit;">as of</font><font style="font-weight: bold; line-height: inherit;"> 06/30/2025</font></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: 46%;">
<p style="margin: 0pt; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,520</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; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</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; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,520</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;">Financial investments</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">855</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: top;">
<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: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">855</font></p>






























</td>






























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,277</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























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






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,277</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;">Inventories</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,754</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: top;">
<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: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,754</font></p>






























</td>






























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recoverable taxes</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">872</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























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






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">872</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;">Recoverable income and social contribution taxes</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,198</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,198</font></p>






























</td>






























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credits with 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">61</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(61)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























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






























</td>






























</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;">Other assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,946</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,946</font></p>






























</td>






























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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 current assets</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: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">130,483</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(61)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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: #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; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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: #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; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">130,422</font></p>






























</td>






























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">Financial investments</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,002</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,002</font></p>






























</td>






























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credits with 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">140</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(140)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























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






























</td>






























</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;">Escrow deposits</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,116</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,116</font></p>






























</td>






























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred income tax and social contribution</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,768</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























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






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,047</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,834)</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">79,981</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;">Other assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,552</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,552</font></p>






























</td>






























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Property, plant and equipment</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">342,026</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























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






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,459</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">360,485</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;">Intangible assets</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">158,253</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(79,549)</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,582</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">83,286</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 non-current assets</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; line-height: inherit;">606,857</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(140)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">(52,502)</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">15,207</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">569,422</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;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<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: 3pt; padding-right: 3pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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 assets</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; line-height: inherit;"> 737,340</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (201)</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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; line-height: inherit;">(52,502)</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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;">&#160;</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">15,207</font></p>






























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">699,844</font></p>






























</td>






























</tr>





























































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>














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

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






















</tr>













































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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; border-collapse: collapse; border-bottom: 1.5pt solid #000080; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
















</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>
















</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>
















</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>
















</tr>


































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<table cellspacing="0" cellpadding="0" width="100%" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0pt; height: 274px; width: 100%;">

<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; font-weight: bold; line-height: inherit;">LIABILITIES AND EQUITY</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; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cabotagem June/2025</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Eliminations</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; 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; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Impact of impairment</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; 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; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cessation of depreciation</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">B</font><font style="font-weight: bold; line-height: inherit;">alance </font><font style="font-weight: bold; line-height: inherit;">as of</font><font style="font-weight: bold; line-height: inherit;"> 06/30/2025</font></font></p>























</td>























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 46%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><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; height: 17px; background-color: #cceeff; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,308</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,308</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; line-height: inherit;">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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63,903</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63,903</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; line-height: inherit;">Social and labor obligations</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,310</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; 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: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,310</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; line-height: inherit;">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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,948</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,948</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; line-height: inherit;">Income and social contribution 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,259</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; line-height: inherit;">&#160;</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; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</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; line-height: inherit;">5,259</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; line-height: inherit;">Payables from related parties</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,081</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,081)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>























</tr>
<tr style="height: 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; line-height: inherit;">Legal claims</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62</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; line-height: inherit;">Total current liabilities</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; border-top-color: #000000 !important; 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; line-height: inherit;">107,871</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; font-weight: bold; line-height: inherit;">&#160;</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; border-top-color: #000000 !important; 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; line-height: inherit;">(1,081)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 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; line-height: inherit;">&#160;</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; border-top-color: #000000 !important; 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; line-height: inherit;">106,790</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">365,453</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; line-height: inherit;">&#160;</font></p>























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























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">365,453</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; line-height: inherit;">Total non-current liabilities</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">365,453</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><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; height: 17px; background-color: #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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">365,453</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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Share capital</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">234,557</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(234,557)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; 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; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>























</tr>
<tr style="height: 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; line-height: inherit;">Retained earnings (loss)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">136,013</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(98,718)</font></p>























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(52,502)</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,207</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>























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























</td>























</tr>
<tr style="height: 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; line-height: inherit;">Accumulated other comprehensive income</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; line-height: inherit;">(106,554)</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; line-height: inherit;">&#160;</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; line-height: inherit;">106,554</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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">-</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</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; line-height: inherit;">-</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; font-weight: bold; line-height: inherit;">Total equity</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; border-top-color: #000000 !important; 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; line-height: inherit;">264,016</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; font-weight: bold; line-height: inherit;">&#160;</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; border-top-color: #000000 !important; 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; line-height: inherit;">(226,721)</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(52,502)</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,207</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; font-weight: bold; line-height: inherit;">&#160;</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; border-top-color: #000000 !important; 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; line-height: inherit;">-</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</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; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">Total liabilities and equity</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; border-top-color: #000000 !important; 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; line-height: inherit;">737,340</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; font-weight: bold; line-height: inherit;">&#160;</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; border-top-color: #000000 !important; 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; line-height: inherit;">(227,802)</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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(52,502)</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; font-weight: bold; line-height: inherit;">&#160;</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,207</font></p>























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; font-weight: bold; line-height: inherit;">&#160;</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; border-top-color: #000000 !important; 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; line-height: inherit;">472,243</font></p>























</td>























</tr>















































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 10pt 0pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">c. The results for the period and cash flows from discontinued operation as of June 30, 2025 are shown below:</font></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0pt; height: 367px; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Balance as of 06/30/2025 </font><font style="font-size: 7pt; line-height: inherit;"><sup><font style="font-weight: bold; vertical-align: super; line-height: inherit;">(1)</font></sup></font></font></p>






























</td>






























</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; width: 90%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net revenue from sales and services</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; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,905</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; line-height: inherit;">Cost of 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; line-height: inherit;">(25,538)</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; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Gross profit</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; border-top-color: #000000 !important; 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; line-height: inherit;">7,367</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; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">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; line-height: inherit;">&#160;</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; line-height: inherit;">General and administrative</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,451)</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; line-height: inherit;">Other 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; line-height: inherit;">3,185</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; line-height: inherit;">Impairment losses</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(43,694)</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; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Operating income (loss) before financial </font><font style="font-weight: bold; line-height: inherit;">result</font><font style="font-weight: bold; line-height: inherit;"> and taxes</font></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; border-top-color: #000000 !important; 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; line-height: inherit;">(34,593)</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; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Financial 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,249</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; line-height: inherit;">Financial expenses</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,683)</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;"><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="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">566</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; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Operating income (loss) before income and social contribution taxes</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(34,027)</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; line-height: inherit;">&#160;</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Income and social contribution taxes</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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; line-height: inherit;">Current</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,751</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; line-height: inherit;">Deferred</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; line-height: inherit;">9,886</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; line-height: inherit;">Profit (loss) for the period</font></p>






























</td>
<td style="padding-left: 3pt; padding-right: 3pt; height: 17px; background-color: #cceeff; 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: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(21,390)</font></p>






























</td>






























</tr>





























































</table>
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">&#160;&#160;</font></p>














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

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














</tr>





























</table>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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="font-family: &quot;times new roman&quot;, times; font-size: 10pt; margin: 0pt;"><br></p>
<table style="font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; border-bottom: 1.5pt solid #000080;">

<tr>
<td style="width: 50%; padding: 0px; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p><font style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
























</td>
<td style="width: 50%; vertical-align: top;" rowspan="3" valign="top"><img src="c809ad88adfe6fd57f98.jpg" style="float: right;;height:62;width:140;" alt="Graphics"></td>
























</tr>
<tr>
<td style="width: 50%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">Notes to the interim financial information</font></td>
























</tr>
<tr>
<td style="width: 50%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: 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;">For the periods ended June 30, 2025</font></td>
























</tr>


















































</table>
<div style="margin: 0px; text-indent: 0px;">
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;">&#160;</p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0pt; height: 63px; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">B</font><font style="font-weight: bold; line-height: inherit;">alance </font><font style="font-weight: bold; line-height: inherit;">as of</font><font style="font-weight: bold; line-height: inherit;"> 06/30/2025</font><font style="font-size: 7pt;"><sup><font style="font-weight: bold; vertical-align: super; line-height: inherit;">(1)</font></sup></font></font></p>































</td>































</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 14px; width: 90%; background-color: #cceeff;">
<p style="margin: 0pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash provided by operating activities</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 14px; 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;"> 20,631</font></p>































</td>































</tr>
<tr style="height: 12px;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 12px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash used in investing activities</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 12px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (7,591)</font></p>































</td>































</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash used in financing activities</font></p>































</td>
<td style="padding-left: 3pt; padding-right: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (12,833)</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;"><font style="font-weight: bold; line-height: inherit;">In</font><font style="font-weight: bold; line-height: inherit;">crease in cash and cash equivalents</font></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: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 207</font></p>































</td>































</tr>































































</table>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><br></p>
<table style="font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;">

<tr>
<td style="width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><sup><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(1)</font></sup></font></td>
<td style="width: 97%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Considers the balances since the acquisition of control in May 2025 according to Note 27.b.</font></td>


























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<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For the parent company, in the statement of income for the period ended June 30, 2025, the share of profit (loss) of&#160; Cabotage, net of transactions with related parties, were reclassified as Discontinued Operation in the amount of R$ 11,133.<br></font><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">d. Covenants</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As a result of its loans from BNDES, HB Cabotagem has the following financial covenants calculated from the Financial Statements of the subsidiary: (i) maintain the capitalization ratio greater than or equal to 25%. The capitalization ratio is obtained from adjusted equity to total assets. Adjusted equity is the equity excluding foreign exchange losses and gains; and (ii) maintain the debt service coverage ratio (&#8220;DSCR&#8221;) equal to or greater than 1.3x. The DSCR is calculated based on ratio of EBITDA and variation in working capital (excluding cash and debt) to debt service and is measured annually. </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The covenants of subsidiary HB Cabotagem are determined at the end of the year and on December 31, 2024 were fully achieved.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; background-color: #002060; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">29. <a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bdn6_772025141753943"><font style="color: #ffffff;">Events after the reporting period</font> </a></font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a. Conclusion of share buyback program</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px; line-height: 1.2;">On July 29, 2025, the Company concluded its share buyback program. During the period of the buyback, 25,000,000 common shares were acquired, corresponding to 100% of the previously announced buyback program.</p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">b. Distribution of dividends</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On August 13, 2025, the Board of Directors, in a meeting held on this date, approved the distribution of dividends in the amount of R$ 326,005, equivalent to R$ 0.30 per common share, to be paid from August 29, 2025, onwards, without remuneration or monetary adjustment.</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The record date that establishes the right to receive the dividend will be August 21, 2025, in Brazil, and August 25, 2025, in the United States. Therefore, the shares will be traded &#8220;ex-dividend&#8221; from August 22, 2025, onwards on the S&#227;o Paulo Stock Exchange (B3), and from August 25, 2025, onwards on the New York Stock Exchange (NYSE).</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The number of shares considered to calculate the dividend per share considers the issuance of 342,691 common shares, as approved by the Board of Directors on this date.</font></p>



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<div style="color: #ffffff; font-family: calibri; font-size: 12pt; font-weight: bold;"><font style="font-family: 'times new roman', times;"><div><font><font style="color: #ffffff; font-size: 18pt; font-weight: bold;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJK2_13720252206205">2Q25 Earnings Release</a></font></font></div></font></div>






















































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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="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;">August 13, </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 Participa&#231;&#245;es S.A</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">.</font> <font style="font-size: 10pt; line-height: inherit;">(B3: UGPA3 / NYSE: UGP</font><font style="font-size: 10pt; line-height: inherit;">, &#8220;Compa</font><font style="font-size: 10pt; line-height: inherit;">ny</font><font style="font-size: 10pt; line-height: inherit;">&#8221; </font><font style="font-size: 10pt; line-height: inherit;">or</font><font style="font-size: 10pt; line-height: inherit;"> &#8220;Ultrapar&#8221;</font><font style="font-size: 10pt; line-height: inherit;">), </font><font style="font-size: 10pt; line-height: inherit;">operating in energy, mobility, and logistics infrastructure through Ultragaz, Ipiranga, Ultracargo and Hidrovias do Brasil (B3: HBSA3), today announces its results for the </font><font style="font-size: 10pt; line-height: inherit;">second</font><font style="font-size: 10pt; line-height: inherit;"> quarter of 2025.</font></font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 9pt; line-height: inherit;">&#160;</font><font style="color: #051273; font-size: 8pt; line-height: inherit;">&#160;</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;"><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</font><font style="color: #ffffff; font-size: 7.33pt; font-weight: bold; vertical-align: super; line-height: inherit;">1</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: 11pt; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA</font><font style="color: #ffffff; font-size: 11pt; font-weight: bold; line-height: inherit;">&#185;</font></font></p>












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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">R$ 34</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">.</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">1</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;"><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">R$ 2</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">.</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">1</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;"><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;">5</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</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-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 11pt; font-weight: bold; line-height: inherit;">Cash generation from operations</font><font style="color: #ffffff; font-size: 6.67pt; font-weight: bold; vertical-align: super; line-height: inherit;">2</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 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 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;"><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;">8</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;"><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">R$ </font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">54</font><font style="font-size: 11pt; font-weight: bold; line-height: inherit;">4</font></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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<p style="font-size: 7pt; line-height: 1.2; margin: 6pt 0pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">The table above considers the sum of the balances of continuing and discontinued operations.</font><br><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&#185;</font><font style="line-height: inherit;"> Accounting adjustments and non-recurring items described in the EBITDA calculation table &#8211; page </font><font style="line-height: inherit;">2</font><font style="line-height: inherit;">.</font></font><br><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&#178; Cash generation from operations excluding the effect of the variations in trade payables </font><font style="line-height: inherit;">&#8211;</font> <font style="line-height: inherit;">draft discount</font><font style="line-height: inherit;">.</font></font></p>
<p style="font-size: 12pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Highlights</font></p>
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<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 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 Ultrapar.</font></font></li>












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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 78pt; text-align: justify; text-indent: -21.3pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">&#173;</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Strong operating cash generation of R$ 1.8 billion</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">of which R$ </font><font style="font-size: 10pt; line-height: inherit;">0.9</font><font style="font-size: 10pt; line-height: inherit;"> billion was used </font><font style="font-size: 10pt; line-height: inherit;">to reduce </font><font style="font-size: 10pt; line-height: inherit;">draft discount</font><font style="font-size: 10pt; line-height: inherit;">, due to the IOF tax burden.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 78pt; text-align: justify; text-indent: -21.3pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 11pt; line-height: inherit;">&#173;</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Hidrovias&#8217; record results</font><font style="font-size: 10pt; line-height: inherit;">, highlighting the favorable navigability and tariffs</font><font style="font-size: 10pt; line-height: inherit;"> adjustments</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 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; font-weight: bold; line-height: inherit;">Advances in Hidrovias&#8217; strategic agenda:</font></li>












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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 78pt; text-align: justify; text-indent: -21.3pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">&#173;</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; line-height: inherit;">Ultrapar became the </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">controlling shareholder</font><font style="font-size: 10pt; line-height: inherit;">&#160;following the completion&#160;</font><font style="font-size: 10pt; line-height: inherit;">of the capital increase.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 78pt; text-align: justify; text-indent: -21.3pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">&#173;</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Net debt reduction&#160;</font><font style="font-size: 10pt; line-height: inherit;">driven by improved results and capital increase, </font><font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">capital</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> cost</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> optimization</font><font style="font-size: 10pt; line-height: inherit;"> following</font><font style="font-size: 10pt; line-height: inherit;"> the partial buyback of&#160;</font><font style="font-size: 10pt; line-height: inherit;">the</font><font style="font-size: 10pt; line-height: inherit;"> 2031</font><font style="font-size: 10pt; line-height: inherit;"> bond</font><font style="font-size: 10pt; line-height: inherit;"> and the issuance</font><font style="font-size: 10pt; line-height: inherit;"> of debentures</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 9pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Extraordinary tax credits of R$ 0.7 billion at Ipiranga</font><font style="font-size: 10pt; line-height: inherit;">, related to the remaining portion of historical ICMS in the PIS</font><font style="font-size: 10pt; line-height: inherit;">/</font><font style="font-size: 10pt; line-height: inherit;">COFINS calculation base.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 6pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Continuity of </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">irregularities in the fuel sector,</font> <font style="font-size: 10pt; line-height: inherit;">with</font><font style="font-size: 10pt; line-height: inherit;"> increased i</font><font style="font-size: 10pt; line-height: inherit;">rregular</font><font style="font-size: 10pt; line-height: inherit;"> imports of naphtha </font><font style="font-size: 10pt; line-height: inherit;">sold as</font><font style="font-size: 10pt; line-height: inherit;"> gasoline</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> and non-compliance with the biodiesel blending mandate in diesel.</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">There </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">were</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">advances</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> in </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">combating</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> such irregularities</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">such as</font><font style="font-size: 10pt; line-height: inherit;"> the implementation of a single-phase</font><font style="font-size: 10pt; line-height: inherit;"> taxation</font><font style="font-size: 10pt; line-height: inherit;"> of</font><font style="font-size: 10pt; line-height: inherit;"> hydrated ethanol for</font><font style="font-size: 10pt; line-height: inherit;"> PIS</font><font style="font-size: 10pt; line-height: inherit;">/</font><font style="font-size: 10pt; line-height: inherit;">COFINS in May, and the introduction of </font><font style="font-size: 10pt; line-height: inherit;">tax solidarity</font><font style="font-size: 10pt; line-height: inherit;"> for r</font><font style="font-size: 10pt; line-height: inherit;">esellers</font><font style="font-size: 10pt; line-height: inherit;"> and distributors </font><font style="font-size: 10pt; line-height: inherit;">regarding</font><font style="font-size: 10pt; line-height: inherit;"> unpaid ICMS in S&#227;o Paulo</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> starting in August. Stricter RenovaBio non-compliance laws, although in effect, had limited impact due to court injunctions preventing the </font><font style="font-size: 10pt; line-height: inherit;">disclosure</font> <font style="font-size: 10pt; line-height: inherit;">of sanctioned companies&#8217; names.</font></font></li>












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<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.3pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Conclusion of the </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Paul&#237;nia </font><font style="font-size: 10pt; line-height: inherit;">(</font><font style="font-size: 10pt; line-height: inherit;">Opla</font><font style="font-size: 10pt; line-height: inherit;">)</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> railway branch </font><font style="font-size: 10pt; line-height: inherit;">during the quarter and gradual ramp-up of operations in Palmeirante starting in July 2025</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></li>







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<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.45pt; padding-left: 8.25pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">R$ 1 billion fundraising at Ipiranga</font><font style="font-size: 10pt; line-height: inherit;">, with an</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">average cost equivalent to 106% CDI</font><font style="font-size: 10pt; line-height: inherit;">, below the current cost of debt.</font></font></li>







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<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.45pt; padding-left: 8.25pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Completion of</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">the </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">share</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">s</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> buyback </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">program </font><font style="font-size: 10pt; line-height: inherit;">of&#160;</font><font style="font-size: 10pt; line-height: inherit;">25 million shares at an average price of R$16.64</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></li>







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<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 0pt 27.45pt; padding-left: 8.25pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Distribution of</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;R$ 326 million in interim dividends</font><font style="font-size: 10pt; line-height: inherit;">, equivalent to </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">R$ 0.30 per share</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></li>





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










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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 18pt; float: none; display: inline !important;">2Q25</font></font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></font></td>





















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<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt; line-height: 1.2;"><br></div>
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<p style="font-size: 12pt; line-height: 1.2; margin: 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>
<p style="font-size: 8pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">The financial information presented on this document were extracted from the individual and consolidated interim financial information ("Quarterly Information") for period</font><font style="line-height: inherit;"> from April 1 to</font> <font style="line-height: inherit;">June</font><font style="line-height: inherit;"> 3</font><font style="line-height: inherit;">0</font><font style="line-height: inherit;">, 2025, and prepared in accordance with the pronouncement CPC 21 (R1) -</font> <font style="line-height: inherit;">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;).</font></font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">Information on Ipiranga, Ultragaz</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> Ultracargo</font><font style="line-height: inherit;"> and Hidrovias</font><font style="line-height: inherit;"> 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: 8pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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: 8pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="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. </font><font style="line-height: inherit;">T</font><font style="line-height: inherit;">he calculation of EBITDA from net income</font><font style="line-height: inherit;"> is detailed in the table </font><font style="line-height: inherit;">below.</font></font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In May 2025, the Company became the controlling shareholder of Hidrovias, as per the Material Fact disclosed to the market, consolidating its results as of that date. The effect of Hidrovias&#8217; results on Ultrapar&#8217;s EBITDA in the second quarter considers 3 months of Hidrovias&#8217; results to eliminate the lag that was impacting the share of results of Ultrapar, as well as 2 months of Hidrovias&#8217; EBITDA for May and June. It is worth noting that Hidrovias announced in February 2025 the sale of the Coastal Navigation operation and the balances are presented as a discontinued operation in the financial statements. In this report we present the financial information related to Ultrapar on a consolidated basis, considering the sum of continuing and discontinued operations, unless otherwise indicated. </font></p>




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<font style="font-size: 10pt; line-height: inherit; color: #00458c;">R$ million</font></font>
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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">ULTRAPAR</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Quarter</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Year-to-date</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">2Q25</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">2Q24</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">2Q25</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="font-size: 9pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #ffffff; line-height: inherit;">1H</font><font style="color: #ffffff; line-height: inherit;">24</font></font></p>












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<p style="margin: 0pt; text-align: center;"><font style="font-size: 9pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #ffffff; line-height: inherit;">1H</font><font style="color: #ffffff; line-height: inherit;">25</font></font></p>












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<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>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">151 </font></font></p>












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<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">491 </font></p>












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<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">363 </font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">514 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">947 </font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(+)</font> <font style="font-size: 8pt; line-height: inherit;">Income and social contribution taxes</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">341 </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; font-size: 8pt; line-height: inherit;">193 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">589 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">402 </font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(+)</font> <font style="font-size: 8pt; line-height: inherit;">Net financial (income) expenses</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: 1pt; 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;">31 </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; font-size: 8pt; line-height: inherit;">206 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">211 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">489 </font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(+)</font> <font style="font-size: 8pt; line-height: inherit;">Depreciation and amortization</font><font style="line-height: inherit;">&#185;</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: 1pt; 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;">388 </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; font-size: 8pt; line-height: inherit;">322 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">300 </font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">688 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">600 </font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-width: 1pt; border-color: #00458c !important !important #00458c !important #00458c !important; border-style: solid;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">910 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">212 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">091 </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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">3</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">002 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">437 </font></font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Accounting adjustment</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;">&#160;</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; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>












</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(+)</font> <font style="font-size: 8pt; line-height: inherit;">Amortization of contractual assets with customers </font><font style="font-size: 8pt; line-height: inherit;">&#8211;</font><font style="font-size: 8pt; line-height: inherit;"> exclusive&#160;</font><font style="font-size: 8pt; line-height: inherit;">rights</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1pt; 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;">113 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">122 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">105 </font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">218 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">255 </font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(+)</font> <font style="font-size: 8pt; line-height: inherit;">Amortization of fair value adjustments on </font><font style="font-size: 8pt; line-height: inherit;">associates&#8217;</font><font style="font-size: 8pt; line-height: inherit;"> acquisition</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: 1pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; 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: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2 </font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(+)</font> <font style="font-size: 8pt; line-height: inherit;">MTM of energy futures contracts</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: 1pt; 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;">42 </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; font-size: 8pt; line-height: inherit;">- </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">33 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(+/-) </font><font style="font-size: 8pt; line-height: inherit;">Hedge accounting</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: 1pt; 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;">4 </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; font-size: 8pt; line-height: inherit;">- </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-width: 1pt; border-color: #00458c !important !important #00458c !important #00458c !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">Adjusted </font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">EBITDA</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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">070 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">336 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">188 </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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">3</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">258 </font></font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">693 </font></font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !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>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1pt; 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 style="font-size: 8pt; line-height: inherit;">1</font><font style="font-size: 8pt; line-height: inherit;">,</font><font style="font-size: 8pt; line-height: inherit;">199 </font></font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; 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;"> 817 </font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; 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 style="font-size: 8pt; line-height: inherit;">2</font><font style="font-size: 8pt; line-height: inherit;">,</font><font style="font-size: 8pt; line-height: inherit;">031 </font></font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">1</font><font style="font-size: 8pt; line-height: inherit;">,</font><font style="font-size: 8pt; line-height: inherit;">636 </font></font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;"> 442 </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; font-size: 8pt; line-height: inherit;"> 414 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">835 </font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">815 </font></p>












</td>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;"> 141 </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; font-size: 8pt; line-height: inherit;"> 165 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">307 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">330 </font></p>












</td>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Hidrovias</font></p>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;"> 323 </font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">- </font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">185 </font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </font></p>












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<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Holding and other companies</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>












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<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160; Holding</font></p>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;"> (56)</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (53)</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (54)</font></p>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (110)</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(93)</font></p>












</td>












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<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other companies</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;"> (12)</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; font-size: 8pt; line-height: inherit;">(8)</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (10)</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(21)</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(11)</font></p>












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<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">Extraordinary expenses</font><font style="font-size: 8pt; line-height: inherit;">/provis</font><font style="font-size: 8pt; line-height: inherit;">ions</font> <font style="font-size: 8pt; line-height: inherit;">from </font><font style="font-size: 8pt; line-height: inherit;">d</font><font style="font-size: 8pt; line-height: inherit;">i</font><font style="font-size: 8pt; line-height: inherit;">vestments</font></font></p>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;">32 </font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">- </font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 32 </font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 16 </font></p>












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<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>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</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; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>












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<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(-)</font> <font style="font-size: 8pt; line-height: inherit;">Results from disposal of assets (Ipiranga)</font></font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (34)</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (36)</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5)</font></p>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(39)</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(73)</font></p>












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<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(-)</font> <font style="font-size: 8pt; line-height: inherit;">Credits and provisions (Ipiranga)</font></font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(487)</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">- </font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (487)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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>












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<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(-) </font><font style="font-size: 8pt; line-height: inherit;">Earn</font><font style="font-size: 8pt; line-height: inherit;">-</font><font style="font-size: 8pt; line-height: inherit;">out Stella</font><font style="font-size: 8pt; line-height: inherit;"> (Ultragaz)</font></font></p>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (17)</font></p>












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<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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(17)</font></p>












</td>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(-) </font><font style="font-size: 8pt; line-height: inherit;">Extraordinary expenses/provisions from divestments</font></font></p>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;"> (32)</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; font-size: 8pt; line-height: inherit;">- </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(32)</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<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>












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<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">(-) </font><font style="font-size: 8pt; line-height: inherit;">Assets</font><font style="font-size: 8pt; line-height: inherit;"> writ</font><font style="font-size: 8pt; line-height: inherit;">e-off</font><font style="font-size: 8pt; line-height: inherit;"> and</font> <font style="font-size: 8pt; line-height: inherit;">Coastal Navigation impairment</font> <font style="font-size: 8pt; line-height: inherit;">(Hidrovias)</font></font></p>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;">(48) </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; font-size: 8pt; line-height: inherit;">- </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (48) </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-width: 1pt; border-color: #00458c !important !important #00458c !important #00458c !important; border-style: solid;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Recurring 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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">468 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">282 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">183 </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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;"> 2</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">651 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;"> 2</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-size: 8pt; font-weight: bold; line-height: inherit;">588 </font></font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1pt; 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;"> 678 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; 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;"> 781 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; 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 style="font-size: 8pt; line-height: inherit;">1</font><font style="font-size: 8pt; line-height: inherit;">,</font><font style="font-size: 8pt; line-height: inherit;">504 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">1</font><font style="font-size: 8pt; line-height: inherit;">,</font><font style="font-size: 8pt; line-height: inherit;">563 </font></font></p>












</td>












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<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;"> 442 </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; font-size: 8pt; line-height: inherit;"> 397 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">835 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">797 </font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;"> 141 </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; font-size: 8pt; line-height: inherit;"> 165 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">307 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">330 </font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Hidrovias</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;"> 276 </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; font-size: 8pt; line-height: inherit;">- </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">137 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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>












</tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Holding and other companies</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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;">&#160;</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; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 30pt;"><font style="font-style: italic; line-height: inherit; font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">&#160; Holding</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: 1pt; 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;"> (56)</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; font-size: 8pt; line-height: inherit;"> (53)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (54)</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (110)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(93)</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-indent: 30pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">&#160; </font><font style="font-size: 8pt; line-height: inherit;">Other companies</font></font></p>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; 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;"> (12)</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; 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;">(8)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> (10)</font></p>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; 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;">(21)</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(11)</font></p>












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</tr>

























</table>
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-size: 8pt; line-height: inherit; font-family: 'times new roman', times;"><font style="vertical-align: super; line-height: inherit;">1</font> <font style="line-height: inherit;">Does not include amortization of contractual assets with customers &#8211; exclusive rights</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" class="pageno"><font class="pageno">77</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;"/>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-family: 'times new roman', times;"><a href="#TOC">Table of Contents</a></font></div>










</div>
<table style="height: 27px; width: 100%; font-size: 10pt; margin-left: 0.1px; 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: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 18pt; float: none; display: inline !important;">2Q25</font></font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></font></td>





















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<p style="margin: 0pt; line-height: 1.2;"><br></p>




<font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times;">





<font style="font-size: 10pt; line-height: inherit; color: #00458c;">R$ million</font></font>
<table cellspacing="0" cellpadding="0" style="height: 172px; 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; text-align: center; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 16px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">ULTRAPAR</font></td>
<td colspan="5" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1pt; 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>
<td colspan="4" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1pt; 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 style="color: #ffffff; font-size: 9pt; line-height: inherit;">Year-to-date</font> <font style="color: #ffffff; font-size: 10pt; line-height: inherit;">&#160;</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-left-width: 1pt; 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 style="color: #ffffff; font-size: 10pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">Q</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;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">Q</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-right-width: 1pt; 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 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;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25 x </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">2</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>












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<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-right-width: 1pt; 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 style="color: #ffffff; font-size: 9pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">Q</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25 x 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">1</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">H</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-right-width: 1pt; 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 style="color: #ffffff; font-size: 10pt; line-height: inherit;">1</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">H</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">24</font></font></p>












</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-right-width: 1pt; 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 style="color: #ffffff; font-size: 9pt; line-height: inherit;">1</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">H</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">25</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;"> x </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">1</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">H</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: 36%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important; border-left-width: 1pt; 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: top; height: 17px; width: 8%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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 style="color: #262626; font-size: 10pt; line-height: inherit;"> 34</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">088 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 8%; border-bottom-width: 1pt; 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 style="color: #262626; font-size: 10pt; line-height: inherit;"> 32</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">344 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 8%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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: 8%; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">5%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-bottom-width: 1pt; 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 style="color: #262626; font-size: 10pt; line-height: inherit;"> 67</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">417 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;"> 62</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">740 </font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; 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-width: 1pt; border-color: #00458c !important !important #00458c !important #00458c !important; border-style: solid;">
<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: top; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">070 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">336 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">188 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">55%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">74%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3</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;">258 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;"> 2</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">693 </font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">21%</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-width: 1pt; border-color: #00458c !important !important #00458c !important #00458c !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">&#185;</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">468 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">282 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">183 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">15%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">24%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">651 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;"> 2</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">588 </font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<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: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important; border-left-width: 1pt; border-left-style: solid; border-left-color: !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Depreciation and amortization</font><font style="color: #262626; font-size: 6.67pt; vertical-align: super; line-height: inherit;">2</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (501)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (446)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">12%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">23%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (907)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (856)</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6%</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important; border-left-width: 1pt; border-left-style: solid; border-left-color: !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: top; height: 17px;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (206)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (180)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-85%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-83%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (211)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (489)</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-57%</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-width: 1pt; border-color: #00458c !important !important #00458c !important #00458c !important; border-style: solid;">
<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: top; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">151</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 491</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; 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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">134%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">217%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">514</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 947</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">60%</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: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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;">544&#160;&#160; </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 479 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; 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;">14%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">31%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">959</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 918 </font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7%</font></p>












</td>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-width: 1pt; border-color: #00458c !important !important #00458c !important #00458c !important; border-style: solid;">
<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>












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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">939</font></p>












</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">298</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">-28%</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">n/a</font></p>












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<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;">942</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">725</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">30%</font></p>












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<p style="margin: 8pt 0pt 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;"><sup>&#185;</sup>&#160;</font><font style="line-height: inherit;">Non-recurring items described in the EBITDA calculation table &#8211; page</font>&#160;<font style="line-height: inherit;">2</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; 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-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><sup><font style="line-height: inherit;">&#178;</font></sup>&#160;<font style="line-height: inherit;">Include</font><font style="line-height: inherit;">s</font><font style="line-height: inherit;">&#160;amortization of contractual assets with customers &#8211; exclusive rights and amortization of fair value adjustments on associates acquisition</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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$ 34,088 million (+5% vs 2Q24), mainly driven by higher revenues from Ipiranga and Ultragaz.</font> <font style="font-size: 10pt; line-height: inherit;">Compared to 1Q25, net revenue increased by 2%, due to higher revenues from Ultragaz in the period.</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;"><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;">1,468 </font><font style="font-size: 10pt; line-height: inherit;">million (+</font><font style="font-size: 10pt; line-height: inherit;">15</font><font style="font-size: 10pt; line-height: inherit;">% vs 2Q24 and +24% vs 1Q25), </font><font style="font-size: 10pt; line-height: inherit;">mainly </font><font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">the consolidation of Hidrovias&#8217; record result and Ultragaz&#8217;s better result, partially offset by Ipiranga&#8217;s lower EBITDA.</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;"><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;">36</font><font style="font-size: 10pt; line-height: inherit;"> million, driven by (i) R$ </font><font style="font-size: 10pt; line-height: inherit;">56</font><font style="font-size: 10pt; line-height: inherit;"> million from the Holding expenses,&#160; (ii) a negative result of R$ 12 million from other companies, mainly due to the performance of Refinaria Riograndense</font><font style="font-size: 10pt; line-height: inherit;">, and (iii) p</font><font style="font-size: 10pt; line-height: inherit;">ositive </font><font style="font-size: 10pt; line-height: inherit;">net</font><font style="font-size: 10pt; line-height: inherit;"> result of R$ 32 million, driven by extraordinary reversals of provisions at Oxiteno and Extrafarma.</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;"><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;">501</font><font style="font-size: 10pt; line-height: inherit;"> million (+</font><font style="font-size: 10pt; line-height: inherit;">12</font><font style="font-size: 10pt; line-height: inherit;">% vs 2Q24 and +</font><font style="font-size: 10pt; line-height: inherit;">23</font><font style="font-size: 10pt; line-height: inherit;">% vs 1Q25), impacted by the consolidation of Hidrovias in the result.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial result</font> <font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8211;</font> <font style="font-size: 10pt; line-height: inherit;">N</font><font style="font-size: 10pt; line-height: inherit;">egativ</font><font style="font-size: 10pt; line-height: inherit;">e result</font> <font style="font-size: 10pt; line-height: inherit;">of</font><font style="font-size: 10pt; line-height: inherit;"> R$ 31 </font><font style="font-size: 10pt; line-height: inherit;">million</font> <font style="font-size: 10pt; line-height: inherit;">in</font><font style="font-size: 10pt; line-height: inherit;"> 2</font><font style="font-size: 10pt; line-height: inherit;">Q</font><font style="font-size: 10pt; line-height: inherit;">25 (</font><font style="font-size: 10pt; line-height: inherit;">improvement of </font><font style="font-size: 10pt; line-height: inherit;"> R$ 175 mil</font><font style="font-size: 10pt; line-height: inherit;">lion</font><font style="font-size: 10pt; line-height: inherit;"> vs 2</font><font style="font-size: 10pt; line-height: inherit;">Q</font><font style="font-size: 10pt; line-height: inherit;">24 </font><font style="font-size: 10pt; line-height: inherit;">and </font><font style="font-size: 10pt; line-height: inherit;">R$ 149 </font><font style="font-size: 10pt; line-height: inherit;">million</font><font style="font-size: 10pt; line-height: inherit;"> vs 1</font><font style="font-size: 10pt; line-height: inherit;">Q</font><font style="font-size: 10pt; line-height: inherit;">25),</font><font style="font-size: 10pt; line-height: inherit;"> reflectin</font><font style="font-size: 10pt; line-height: inherit;">g</font><font style="font-size: 10pt; line-height: inherit;"> the </font><font style="font-size: 10pt; line-height: inherit;">effect of</font> <font style="font-size: 10pt; line-height: inherit;">the monetary</font><font style="font-size: 10pt; line-height: inherit;"> adjust</font><font style="font-size: 10pt; line-height: inherit;">ment </font><font style="font-size: 10pt; line-height: inherit;">of</font><font style="font-size: 10pt; line-height: inherit;"> extraordinary</font><font style="font-size: 10pt; line-height: inherit;"> tax credits </font><font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">R$ 344 mil</font><font style="font-size: 10pt; line-height: inherit;">lion</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">in addition</font><font style="font-size: 10pt; line-height: inherit;"> to the </font><font style="font-size: 10pt; line-height: inherit;">R$ 70 mi</font><font style="font-size: 10pt; line-height: inherit;">llion</font><font style="font-size: 10pt; line-height: inherit;"> gain</font><font style="font-size: 10pt; line-height: inherit;"> from Hidrovias </font><font style="font-size: 10pt; line-height: inherit;">bond</font><font style="font-size: 10pt; line-height: inherit;"> repurchase</font><font style="font-size: 10pt; line-height: inherit;"> below</font> <font style="font-size: 10pt; line-height: inherit;">the face</font><font style="font-size: 10pt; line-height: inherit;"> value</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">partially offset by the effect of the consolidation of Hidrovias and the increase in CDI in the period.</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;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Net income</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">Total </font><font style="font-size: 10pt; line-height: inherit;">of</font><font style="font-size: 10pt; line-height: inherit;"> R$ </font><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;">151</font> <font style="font-size: 10pt; line-height: inherit;">million</font><font style="font-size: 10pt; line-height: inherit;"> (+</font><font style="font-size: 10pt; line-height: inherit;">134</font><font style="font-size: 10pt; line-height: inherit;">% vs 2</font><font style="font-size: 10pt; line-height: inherit;">Q</font><font style="font-size: 10pt; line-height: inherit;">24 </font><font style="font-size: 10pt; line-height: inherit;">and</font><font style="font-size: 10pt; line-height: inherit;"> +217% vs 1</font><font style="font-size: 10pt; line-height: inherit;">Q</font><font style="font-size: 10pt; line-height: inherit;">25), </font><font style="font-size: 10pt; line-height: inherit;">mainly due to </font><font style="font-size: 10pt; line-height: inherit;">the stronger operating </font><font style="font-size: 10pt; line-height: inherit;">performance and the </font><font style="font-size: 10pt; line-height: inherit;">extraordinary tax credit recognition of </font><font style="font-size: 10pt; line-height: inherit;">R$ 677 mil</font><font style="font-size: 10pt; line-height: inherit;">lion</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font 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;</font> <font style="font-size: 10pt; line-height: inherit;">Generation of </font><font style="font-size: 10pt; line-height: inherit;">R$ 1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">848 million</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">of </font><font style="font-size: 10pt; line-height: inherit;">which </font><font style="font-size: 10pt; line-height: inherit;">R$ 909 million</font><font style="font-size: 10pt; line-height: inherit;"> w</font><font style="font-size: 10pt; line-height: inherit;">as </font><font style="font-size: 10pt; line-height: inherit;">allocated</font> <font style="font-size: 10pt; line-height: inherit;">to reduc</font><font style="font-size: 10pt; line-height: inherit;">e draft discoun</font><font style="font-size: 10pt; line-height: inherit;">t, compared to </font><font style="font-size: 10pt; line-height: inherit;">R$ 1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">070 mil</font><font style="font-size: 10pt; line-height: inherit;">lion in</font><font style="font-size: 10pt; line-height: inherit;"> 2</font><font style="font-size: 10pt; line-height: inherit;">Q</font><font style="font-size: 10pt; line-height: inherit;">24 (R$ 1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">29</font><font style="font-size: 10pt; line-height: inherit;">8</font><font style="font-size: 10pt; line-height: inherit;"> mil</font><font style="font-size: 10pt; line-height: inherit;">lion</font><font style="font-size: 10pt; line-height: inherit;"> inclu</font><font style="font-size: 10pt; line-height: inherit;">ding</font> <font style="font-size: 10pt; line-height: inherit;">draft discount</font><font style="font-size: 10pt; line-height: inherit;">)</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">mainly due to reduction in working capital, </font><font style="font-size: 10pt; line-height: inherit;">considering the reduction in diesel and gasoline prices, </font><font style="font-size: 10pt; line-height: inherit;">and</font><font style="font-size: 10pt; line-height: inherit;"> the consolidation of Hidrovias.</font> </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" class="pageno"><font class="pageno">78</font></font></td>










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










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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 18pt; float: none; display: inline !important;">2Q25</font></font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></font></td>





















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<font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times;">




<font style="font-size: 10pt; line-height: inherit; color: #00458c;">R$ million</font></font>
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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 14pt; font-weight: bold; line-height: inherit;">IPIRANGA</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">Quarter</font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">&#160;</font></font></p>












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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">Year-to-date </font><font style="color: #ffffff; font-size: 9pt; line-height: inherit;">&#160;</font></font></p>












</td>









</tr>
<tr style="height: 17px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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: 8.5pt; line-height: inherit;">2Q25</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; 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: 8.5pt; line-height: inherit;">2Q24</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">1Q25</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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: 8.5pt; line-height: inherit;">2Q25 x 2Q24</font></p>












</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">2Q25 x 1Q25</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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: 8.5pt; line-height: inherit;">1H25</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">1S24</font></p>












</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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: 8.5pt; line-height: inherit;">1H25 x 1H24</font></p>












</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 36%; height: 17px; border-width: 1pt; border-color: #00458c !important &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c #00458c !important #00458c !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Total volume </font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">(</font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">&#8216;000</font><font style="color: #00458c; font-size: 9pt; 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; width: 8%; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">5</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;">733</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 8%; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">5</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">850</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 8%; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;">5</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">578</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 8%; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">-2%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 8%; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 8%; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">11</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;">310</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 8%; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;">11</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">433</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 8%; height: 17px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #00458c !important; border-left-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1pt; 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 style="color: #262626; font-size: 9pt; line-height: inherit;">2</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">925</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; 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 style="color: #262626; font-size: 9pt; line-height: inherit;">3</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">016</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 9pt; line-height: inherit;">2</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 9pt; 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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1pt; 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: 9pt; line-height: inherit;">-3%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1pt; 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 style="color: #262626; font-size: 9pt; line-height: inherit;">5</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">700</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 9pt; line-height: inherit;">5</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">766</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #00458c !important; border-left-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">-1%</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: 1pt; border-left-style: solid; border-left-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Otto</font><font style="color: #262626; font-size: 10pt; 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-left-width: 1pt; 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 style="color: #262626; font-size: 9pt; line-height: inherit;">2</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">700</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;"><font style="color: #262626; font-size: 9pt; line-height: inherit;">2</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">727</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 9pt; line-height: inherit;">2</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">699</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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: 9pt; line-height: inherit;">-1%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">0%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; 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 style="color: #262626; font-size: 9pt; line-height: inherit;">5</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">399</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 9pt; line-height: inherit;">5</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">472</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-left-width: 1pt; border-left-style: solid; border-left-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">-1%</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: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">O</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">ther</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">s&#185;</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: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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: 9pt; line-height: inherit;">107</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; 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: 9pt; line-height: inherit;">107</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 9pt; 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: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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: 9pt; line-height: inherit;">1%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">4%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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: 9pt; line-height: inherit;">211</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">195</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #00458c !important; border-left-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">8%</font></p>












</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-width: 1pt; border-color: #00458c !important &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c #00458c !important #00458c !important; border-style: solid;">
<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 (R$ million)</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160; 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;">199 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 817 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 832 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">47%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">44%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">&#160;&#160; </font><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;">031 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;">&#160; 1</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">636 </font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">24%</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: 1pt; border-top-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #00458c !important; border-left-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1pt; 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: 9.5pt; font-style: italic; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 209 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; 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: 9.5pt; font-style: italic; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 140 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9.5pt; font-style: italic; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 149 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1pt; 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: 8pt; font-style: italic; line-height: inherit;">50%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">40%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-left-width: 1pt; 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;">&#160;&#160;&#160;&#160;&#160;&#160; 180 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 143 </font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #00458c !important; border-left-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">25%</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: 1pt; border-left-style: solid; border-left-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-recurring&#178;</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9.5pt; line-height: inherit;"> (521)</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; font-size: 9.5pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; (36)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9.5pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (5)</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: 8pt; line-height: inherit;">n/a</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">n/a</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160; (527)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; (73)</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">n/a</font></p>












</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-width: 1pt; border-color: #00458c !important &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c #00458c !important #00458c !important; border-style: solid;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Recurring Adjusted EBITDA (R$ million)</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">&#160;&#160;&#160;&#160;&#160;&#160; 678 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 781 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 826 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">-13%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-18%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">&#160;&#160; </font><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;">504 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;">&#160;&#160; 1</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">563 </font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-4%</font></p>












</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-width: 1pt; border-color: #00458c !important &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c #00458c !important &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c; border-style: solid;">
<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-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">&#160;&#160;&#160;&#160;&#160;&#160; 118 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">&#160;&#160;&#160;&#160;&#160;&#160; 133 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 148 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; font-style: italic; line-height: inherit;">-11%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">-20%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">&#160;&#160;&#160;&#160;&#160; 133 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 137 </font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">-3%</font></p>












</td>









</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-width: 1pt; border-color: #00458c !important &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c #00458c !important #00458c !important; border-style: solid;">
<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="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(R$ million)</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160; 3</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: 34px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">&#160;&#160; 4</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">148 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;">&#160; 3</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">387 </font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">-21%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-3%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 3</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: 34px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;">&#160;&#160; 4</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">148 </font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #00458c !important; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-21%</font></p>












</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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;">
<p style="margin: 0pt; text-align: right;"><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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">177</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">144</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: 8pt; font-style: italic; line-height: inherit;">-21%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">-3%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; 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-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">177</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">-21%</font></p>












</td>









</tr>
<tr style="height: 42px;">
<td colspan="10" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 42px; border-top-width: 1pt; border-top-style: solid; border-top-color: #8d8b8c !important;">
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><sup><font style="line-height: inherit;">&#185; </font></sup><font style="line-height: inherit;">Fuel oils, arla 32, kerosene, lubricants and greases</font> </font></p>
<p style="margin: 0pt 0pt 6pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><sup><font style="line-height: inherit;">&#178; </font></sup><font style="line-height: inherit;">Non-recurring items described in the EBITDA calculation table &#8211; page </font><font style="line-height: inherit;">2</font></font></p>












</td>
<td style="vertical-align: top; height: 42px; border-top-width: 1pt; border-top-style: solid; border-top-color: #8d8b8c !important;"></td>









</tr>






















</table>
<p style="font-size: 3pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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 volume decreased by 2% compared to 2Q24, </font><font style="font-size: 10pt; line-height: inherit;">reflecting a </font><font style="font-size: 10pt; line-height: inherit;">3%</font><font style="font-size: 10pt; line-height: inherit;"> decrease</font><font style="font-size: 10pt; line-height: inherit;"> in diesel</font><font style="font-size: 10pt; line-height: inherit;"> and 1% </font><font style="font-size: 10pt; line-height: inherit;">reduction </font><font style="font-size: 10pt; line-height: inherit;">in the</font><font style="font-size: 10pt; line-height: inherit;"> Otto cycle</font><font style="font-size: 10pt; line-height: inherit;">. </font><font style="font-size: 10pt; line-height: inherit;">D</font><font style="font-size: 10pt; line-height: inherit;">iesel volume w</font><font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">impacted by</font><font style="font-size: 10pt; line-height: inherit;">: (i)</font><font style="font-size: 10pt; line-height: inherit;"> irregularities</font><font style="font-size: 10pt; line-height: inherit;"> in </font><font style="font-size: 10pt; line-height: inherit;">biodiesel blending</font><font style="font-size: 10pt; line-height: inherit;">, (ii) </font><font style="font-size: 10pt; line-height: inherit;">international prices under Petrobras prices</font><font style="font-size: 10pt; line-height: inherit;"> until</font> <font style="font-size: 10pt; line-height: inherit;">mid-</font><font style="font-size: 10pt; line-height: inherit;">June</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> and</font><font style="font-size: 10pt; line-height: inherit;"> (iii)</font> <font style="font-size: 10pt; line-height: inherit;">oversuppl</font><font style="font-size: 10pt; line-height: inherit;">ied</font><font style="font-size: 10pt; line-height: inherit;"> market</font><font style="font-size: 10pt; line-height: inherit;">.</font> <font style="font-size: 10pt; line-height: inherit;">Otto cycle</font><font style="font-size: 10pt; line-height: inherit;"> volume</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">in turn,</font> <font style="font-size: 10pt; line-height: inherit;">was</font> <font style="font-size: 10pt; line-height: inherit;">mainly </font><font style="font-size: 10pt; line-height: inherit;">affected</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">i</font><font style="font-size: 10pt; line-height: inherit;">rregular</font><font style="font-size: 10pt; line-height: inherit;"> imports of naphtha sold as gasoline</font><font style="font-size: 10pt; line-height: inherit;">. Compared to 1Q25, volume was 3% higher, 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;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenue &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Total of R$ </font><font style="font-size: 10pt; line-height: inherit;">30,296 </font><font style="font-size: 10pt; line-height: inherit;">million (+3% vs 2Q24), </font><font style="font-size: 10pt; line-height: inherit;">reflecting</font><font style="font-size: 10pt; line-height: inherit;"> the captur</font><font style="font-size: 10pt; line-height: inherit;">ing</font><font style="font-size: 10pt; line-height: inherit;"> opportunities </font><font style="font-size: 10pt; line-height: inherit;">in</font><font style="font-size: 10pt; line-height: inherit;"> derivatives trading op</font><font style="font-size: 10pt; line-height: inherit;">erations and </font><font style="font-size: 10pt; line-height: inherit;">higher</font><font style="font-size: 10pt; line-height: inherit;"> gasoline</font><font style="font-size: 10pt; line-height: inherit;"> costs over the period</font><font style="font-size: 10pt; line-height: inherit;">.</font> <font style="font-size: 10pt; line-height: inherit;">Compared to 1Q25, net revenue remained stable, due to higher sales volume offset by lower fuel prices. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times;"><font 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$ </font><font style="font-size: 10pt; line-height: inherit;">29,048 </font><font style="font-size: 10pt; line-height: inherit;">million (+4% vs 2Q24), in line with the effect observed in net revenue for the period and inventory loss due to the reduction in fuel prices. Compared to 1Q25, there was an increase of 1%, due to higher sales volume, partially offset by lower fuel costs and inventory loss compared to inventory gain in the previous quarter.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times;"><font 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$ 773 million (-7% vs 2Q24), due to lower personnel expenses</font><font style="font-size: 10pt; line-height: inherit;">, mainly</font><font style="font-size: 10pt; line-height: inherit;"> due to reduced headcount, in addition to one-off expenses in 2Q24 with move of office. </font><font style="font-size: 10pt; line-height: inherit;">Compared to 1Q25, there was an increase of 1%</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;"><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$ 34 million in 2Q25, a decrease of R$ 3 million compared to 2Q24, mainly due to lower sale of real estate assets. Compared to 1Q25, the result from disposal of assets increased by R$ 28 million, mainly due </font><font style="font-size: 10pt; line-height: inherit;">to </font><font style="font-size: 10pt; line-height: inherit;">higher sales</font><font style="font-size: 10pt; line-height: inherit;"> 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;"><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$ 396 million (improvement of R$ 505 million vs 2Q24 and of R$ 500 million compared to 1Q25), mainly due to the recognition of </font><font style="font-size: 10pt; line-height: inherit;">extraordinary </font><font style="font-size: 10pt; line-height: inherit;">tax</font><font style="font-size: 10pt; line-height: inherit;"> cre</font><font style="font-size: 10pt; line-height: inherit;">dits and 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;"><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$ 678 million (-13% vs 2Q24), impacted by</font><font style="font-size: 10pt; line-height: inherit;">: (i)</font><font style="font-size: 10pt; line-height: inherit;"> irregularities</font> <font style="font-size: 10pt; line-height: inherit;">i</font><font style="font-size: 10pt; line-height: inherit;">n the fuel sector</font><font style="font-size: 10pt; line-height: inherit;">,</font> <font style="font-size: 10pt; line-height: inherit;">previously</font><font style="font-size: 10pt; line-height: inherit;"> mentioned</font><font style="font-size: 10pt; line-height: inherit;">, (ii)</font> <font style="font-size: 10pt; line-height: inherit;">international prices under Petrobras prices</font><font style="font-size: 10pt; line-height: inherit;"> until the first half of June</font><font style="font-size: 10pt; line-height: inherit;"> and </font><font style="font-size: 10pt; line-height: inherit;">consequent </font><font style="font-size: 10pt; line-height: inherit;">product</font><font style="font-size: 10pt; line-height: inherit;"> oversupply</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> and (iii)</font><font style="font-size: 10pt; line-height: inherit;"> inventory loss in 2Q</font><font style="font-size: 10pt; line-height: inherit;">25</font> <font style="font-size: 10pt; line-height: inherit;">due</font><font style="font-size: 10pt; line-height: inherit;"> to </font><font style="font-size: 10pt; line-height: inherit;">fuel price adjustments,</font><font style="font-size: 10pt; line-height: inherit;"> (iv)</font><font style="font-size: 10pt; line-height: inherit;"> partially offset by lower expenses. </font><font style="font-size: 10pt; line-height: inherit;">Compared to 1Q25</font><font style="font-size: 10pt; line-height: inherit;">, there was </font><font style="font-size: 10pt; line-height: inherit;">an 18</font><font style="font-size: 10pt; line-height: inherit;">% d</font><font style="font-size: 10pt; line-height: inherit;">ecrease</font><font style="font-size: 10pt; line-height: inherit;">, mainly due to fuel price adjustments</font><font style="font-size: 10pt; line-height: inherit;"> and inventory loss</font><font style="font-size: 10pt; line-height: inherit;"> in 2Q25, compared to inventory gain</font><font style="font-size: 10pt; line-height: inherit;">s</font><font style="font-size: 10pt; line-height: inherit;"> in 1Q25, partially offset by higher sales volume.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Investments &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">R$ 218 million was invested in 2Q25, allocated to the expansion and maintenance of its service stations and franchises network and the expansion of the 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. </font><font style="font-size: 10pt; line-height: inherit;">Of the total invested, R$ 112 million refers to additions to fixed and intangible assets, R$ 133 million to contractual assets with customers (exclusivity rights), and negative R$ 27 million of financing granted to customers, net of receipts.</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 class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" class="pageno"><font class="pageno">79</font></font></td>







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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 18pt; float: none; display: inline !important;">2Q25</font></font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></font></td>





















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<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;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; font-family: 'times new roman', times;">R$ million</font></p>
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<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 36px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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 style="color: #ffffff; font-size: 14pt; font-weight: bold; line-height: inherit;">UL</font><font style="color: #ffffff; font-size: 14pt; font-weight: bold; line-height: inherit;">TRAGAZ</font></font><br></p>












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<td colspan="5" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Quarter</font></p>












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<td colspan="4" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Year-to-date </font></p>












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</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: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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: 8.5pt; line-height: inherit;">2Q25</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-bottom-width: 1pt; 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: 8.5pt; line-height: inherit;">2Q24</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-bottom-width: 1pt; 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: 8.5pt; line-height: inherit;">2Q25</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; 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: 8.5pt; line-height: inherit;">2Q25 x 2Q24</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">2Q25 x 1Q25</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-bottom-width: 1pt; 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: 8.5pt; line-height: inherit;">1H25</font></p>












</td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">1S24</font></p>












</td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">1H25 x 1H24</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 36%; border-width: 1pt; border-color: #00458c !important &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c #00458c !important #00458c !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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;"> (</font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">&#8216;000 </font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">ton)</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">432</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">437</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">406</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">-1%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">839</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">838</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; 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-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c; border-left-width: 1pt; border-left-style: solid; border-left-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">276</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">281</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="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="font-family: 'times new roman', times; font-size: 8pt; 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: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">533</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; font-size: 10pt; line-height: inherit;">534</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c; border-left-width: 1pt; border-left-style: solid; border-left-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">156</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; font-size: 10pt; line-height: inherit;">156</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">0%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">305</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; font-size: 10pt; line-height: inherit;">305</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c;">
<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: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-width: 1pt; border-color: #00458c !important &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c #00458c !important #00458c !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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: 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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;"> 442 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 414 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; 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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">7%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">13%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">835 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 815 </font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; 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-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c; border-left-width: 1pt; border-left-style: solid; border-left-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-style: italic; line-height: inherit;"> 1</font><font style="font-size: 10pt; font-style: italic; line-height: inherit;">,</font><font style="font-size: 10pt; font-style: italic; line-height: inherit;">023 </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; font-size: 10pt; font-style: italic; line-height: inherit;"> 948 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">8%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">6%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 996 </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; font-size: 10pt; font-style: italic; line-height: inherit;"> 972 </font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">2%</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c; border-left-width: 1pt; border-left-style: solid; border-left-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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><font style="color: #262626; font-size: 6.67pt; vertical-align: super; line-height: inherit;">2</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> -&#160;&#160; </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; font-size: 10pt; line-height: inherit;"> (17)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> -&#160;&#160; </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; font-size: 8pt; line-height: inherit;">n/a</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">n/a</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> -&#160;&#160; </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; font-size: 10pt; line-height: inherit;"> (17)</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; 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-width: 1pt; border-color: #00458c !important &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c #00458c !important #00458c !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;"> 442 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 397 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; 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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">11%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">13%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;"> 835 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 797</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3%</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c; border-left-width: 1pt; border-left-style: solid; border-left-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-style: italic; line-height: inherit;"> 1</font><font style="font-size: 10pt; font-style: italic; line-height: inherit;">,</font><font style="font-size: 10pt; font-style: italic; line-height: inherit;">023 </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; font-size: 10pt; font-style: italic; line-height: inherit;"> 909 </font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">13%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">6%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 996 </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; font-size: 10pt; font-style: italic; line-height: inherit;"> 951 </font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">5%</font></p>












</td>












</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-width: 1pt; border-color: #00458c !important &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c #00458c !important #00458c !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">725</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">656</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">679</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">4%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">725</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">656</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4%</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; font-style: italic; line-height: inherit;">Recurring Adjusted LTM 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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">987</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; font-size: 10pt; font-style: italic; line-height: inherit;">964</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; 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: 1pt; border-right-style: solid; border-right-color: &lt;span&gt;#&lt;/span&gt;&lt;span&gt;#&lt;/span&gt;8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">3%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">987</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; font-size: 10pt; font-style: italic; line-height: inherit;">964</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-right-width: 1pt; border-right-style: solid; border-right-color: #8d8b8c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">2%</font></p>












</td>












</tr>
<tr style="height: 45px;">
<td colspan="9" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 45px;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit; font-family: 'times new roman', times;"><sup><font style="line-height: inherit;">&#185; </font></sup><font style="line-height: inherit;">Includes contribution from the result of new energies</font></font></p>
<p style="margin: 0pt 0pt 8pt; text-indent: 0pt;"><font style="font-size: 8pt; line-height: inherit; font-family: 'times new roman', times;"><sup><font style="line-height: inherit;">&#178; </font></sup><font style="line-height: inherit;">Non-recurring items described in the EBITDA calculation table &#8211; page </font><font style="line-height: inherit;">2</font></font></p>












</td>
<td style="vertical-align: top; height: 45px; border-top-width: 1pt; border-top-style: solid; border-top-color: #8d8b8c !important;"></td>












</tr>

























</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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 in 2Q25 decreased </font><font style="font-size: 10pt; line-height: inherit;">by 1</font><font style="font-size: 10pt; line-height: inherit;">% compared to 2Q24, with a </font><font style="font-size: 10pt; line-height: inherit;">2% decrease in the bottled segment, driven by the competitive dynamics, affected by the pass through of increased costs from Petrobras auctions, while sales of the bulk segment remained stable.</font> <font style="font-size: 10pt; line-height: inherit;">Compared to 1Q25, sales volume was 6% higher, reflecting 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; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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$ 3,127 million (+16% vs. 2Q24), mainly due to the pass-through of increased costs of LPG acquired from Petrobras auctions. Compared to 1Q25, net revenues increased by 9%, mainly due to higher sales volume.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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$ 2,548 million (+18% vs. 2Q24), due to the </font><font style="font-size: 10pt; line-height: inherit;">rising</font><font style="font-size: 10pt; line-height: inherit;"> cost of LPG acquired from auctions and the addition </font><font style="font-size: 10pt; line-height: inherit;">of costs </font><font style="font-size: 10pt; line-height: inherit;">related to the new energies segment</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;"> Compared to 1Q25, the unit cost of goods increased by 9%, due to the higher sales volume and higher freight costs.</font> </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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$ 263 million (+15% vs. 2Q24), due to higher expenses with personnel (</font><font style="font-size: 10pt; line-height: inherit;">collective bargaining agreement</font><font style="font-size: 10pt; line-height: inherit;">)</font> <font style="font-size: 10pt; line-height: inherit;">a</font><font style="font-size: 10pt; line-height: inherit;">nd</font><font style="font-size: 10pt; line-height: inherit;"> non-recurring </font><font style="font-size: 10pt; line-height: inherit;">marketing expenses. Compared to 1Q25, selling, general and administrative expenses increased by 6%, mainly due to higher expenses with consultancy for efficiency gains in the bulk segment and marketing.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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;">Negative </font><font style="font-size: 10pt; line-height: inherit;">R$ 17 million, due to </font><font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">one-off</font><font style="font-size: 10pt; line-height: inherit;"> asset</font><font style="font-size: 10pt; line-height: inherit;"> write-off.</font> </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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$ 1 million, </font><font style="font-size: 10pt; line-height: inherit;">representing a deterioration </font><font style="font-size: 10pt; line-height: inherit;">compared</font><font style="font-size: 10pt; line-height: inherit;"> to previous periods</font><font style="font-size: 10pt; line-height: inherit;"> (R$ 19 million vs. 2Q24 and R$ 14 million vs. 1Q25), mainly due t</font><font style="font-size: 10pt; line-height: inherit;">o the reversal of the earn</font><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">out from the acquisition of Stella in pr</font><font style="font-size: 10pt; line-height: inherit;">ior</font><font style="font-size: 10pt; line-height: inherit;"> quarters</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; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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;">442</font><font style="font-size: 10pt; line-height: inherit;"> million (</font><font style="font-size: 10pt; line-height: inherit;">+11</font><font style="font-size: 10pt; line-height: inherit;">% vs. 2Q24), reflecting </font><font style="font-size: 10pt; line-height: inherit;">a better sales mix </font><font style="font-size: 10pt; line-height: inherit;">and </font><font style="font-size: 10pt; line-height: inherit;">greater efficiency in the bulk segment</font> <font style="font-size: 10pt; line-height: inherit;">and higher</font>&#160;<font style="font-size: 10pt; line-height: inherit;">performance in the </font><font style="font-size: 10pt; line-height: inherit;">new energ</font><font style="font-size: 10pt; line-height: inherit;">ies</font><font style="font-size: 10pt; line-height: inherit;"> segment,</font> <font style="font-size: 10pt; line-height: inherit;">partially</font><font style="font-size: 10pt; line-height: inherit;"> offset by the lower result of the </font><font style="font-size: 10pt; line-height: inherit;">bottled segment and</font> <font style="font-size: 10pt; line-height: inherit;">higher expenses. Compared to 1Q25, Recurring Adjusted EBITDA increased </font><font style="font-size: 10pt; line-height: inherit;">by 13</font><font style="font-size: 10pt; line-height: inherit;">%, mainly due to higher sales volume, partially offset by higher expenses.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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$ 95 million was invested this quarter, mainly directed towards the acquisition and replacement of bottles, installations for new customers in the bulk segment, and new energies, especially in biomethane segment.</font></font></p>
<div style="margin: 0pt; text-indent: 0pt;">
<table style="width: 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; font-family: 'times new roman', times;" 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;"/>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-family: 'times new roman', times;"><a href="#TOC">Table of Contents</a></font></div>







</div>







</div>
<table style="height: 27px; width: 100%; font-size: 10pt; margin-left: 0.1px; 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: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 18pt; float: none; display: inline !important;">2Q25</font></font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></font></td>





















</tr>











































</table>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt; line-height: 1.2;"><br></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times;">

<font style="font-size: 10pt; line-height: inherit; color: #00458c;">R$ million</font></font>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 175px;" width="100%">

<tr style="height: 18px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; text-align: center; height: 36px;"><font style="font-family: 'times new roman', times;"><font style="font-size: 16px; 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: #00458c; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #ffffff; font-weight: bold; line-height: inherit;">UL</font><font style="font-size: 16px; 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: #00458c; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #ffffff; font-weight: bold; line-height: inherit;">TRACARGO</font></font></td>
<td colspan="11" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 9pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #ffffff; line-height: inherit;">Quarter</font><font style="color: #ffffff; line-height: inherit;">&#160;</font></font></p>












</td>
<td colspan="7" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Year-to-date </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; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">2Q25</font></p>












</td>
<td colspan="3" 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="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">2Q24</font></p>












</td>
<td colspan="3" 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="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">1Q25</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="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">2Q25 x 2Q24</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="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">2Q25 x 1Q25</font></p>












</td>
<td colspan="3" 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="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">1H25</font></p>












</td>
<td colspan="3" 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="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">1S24</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="color: #ffffff; font-family: 'times new roman', times; font-size: 8.5pt; line-height: inherit;">1H25 x 1H24</font></p>












</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 36%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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="3" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">067</font></font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">067</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">067</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8%; height: 16px;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8%; height: 16px;">
<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 colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">067</font></font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">067</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 8%; height: 16px;">
<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: 16px;">
<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 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="3" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font 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;">703 </font></font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">307</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="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: top; height: 16px;">
<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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-8%</font></p>












</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">7</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">728</font></font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font 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;">503</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-9%</font></p>












</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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$ million)</font></font></p>












</td>
<td colspan="3" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;"> 141 </font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 165 </font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 166 </font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">-15%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">-15%</font></p>












</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;"> 307 </font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 330 </font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-7%</font></p>












</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<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 (%)</font></p>












</td>
<td colspan="3" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">57%</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">63%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">61%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; font-style: italic; line-height: inherit;">-5</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">.</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">6 p.p.</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; font-style: italic; line-height: inherit;">-4</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">.</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">3 p.p.</font></font></p>












</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">59%</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">63%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; font-style: italic; line-height: inherit;">-3</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">.</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">4 p.p.</font></font></p>












</td>












</tr>
<tr style="height: 16px;">
<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 style="color: #262626; font-size: 10pt; font-style: italic; line-height: inherit;">Adjusted EBITDA margin</font> <font style="color: #262626; font-size: 10pt; font-style: italic; line-height: inherit;">(R$/ m&#179; capacity)</font></font></p>












</td>
<td colspan="3" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">44</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<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;">52</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<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;">52</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">-15%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">-15%</font></p>












</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<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;">48</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<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;">52</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">-7%</font></p>












</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjusted LTM EBITDA </font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">(R$ million)</font></font></p>












</td>
<td colspan="3" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">644</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">658</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">669</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">-2%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">-4%</font></p>












</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">644</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">658</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 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; height: 16px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Adjusted LTM EBITDA margin (%)</font></p>












</td>
<td colspan="3" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">60%</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">63%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">62%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; font-style: italic; line-height: inherit;">-2</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">.</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">3 p.p.</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; font-style: italic; line-height: inherit;">-1</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">.</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">3 p.p.</font></font></p>












</td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">60%</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">63%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; font-style: italic; line-height: inherit;">-2</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">.</font><font style="font-size: 8pt; font-style: italic; line-height: inherit;">3 p.p.</font></font></p>












</td>












</tr>
<tr style="height: 27px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 27px;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit; font-family: 'times new roman', times;"><sup><font style="line-height: inherit;">&#185; </font></sup><font style="line-height: inherit;">Monthly average</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#160;</font></p>












</td>












</tr>

























</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font 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 across the periods. The m&#179; sold decreased by 14% compared to 2Q24, </font><font style="font-size: 10pt; line-height: inherit;">mainly </font><font style="font-size: 10pt; line-height: inherit;">reflecting</font><font style="font-size: 10pt; line-height: inherit;"> lower demand for </font><font style="font-size: 10pt; line-height: inherit;">storage</font><font style="font-size: 10pt; line-height: inherit;"> in fuel imports, </font><font style="font-size: 10pt; line-height: inherit;">affected </font><font style="font-size: 10pt; line-height: inherit;">by the </font><font style="font-size: 10pt; line-height: inherit;">industry's </font><font style="font-size: 10pt; line-height: inherit;">process of reducing inventory handled</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">with lower handling in Santos and Itaqui</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;"> Compared to 1Q25, the m&#179; sold decreased by 8%, with lower handling of chemicals in Aratu and of fuels in Itaqui, Opla and Suape, partially offset by higher fuel handling at Vila do Conde terminal.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Net revenue</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8211; </font><font style="font-size: 10pt; line-height: inherit;">Total of R$ 247 million (-6% vs. 2Q24 and 9% vs. 1Q25), reflecting the effects of volume mentioned above.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font 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$ 104 million (+9% vs 2Q24), </font><font style="font-size: 10pt; line-height: inherit;">mainly </font><font style="font-size: 10pt; line-height: inherit;">due </font><font style="font-size: 10pt; line-height: inherit;">to </font><font style="font-size: 10pt; line-height: inherit;">additional</font> <font style="font-size: 10pt; line-height: inherit;">costs</font><font style="font-size: 10pt; line-height: inherit;"> with the start of the company&#8217;s own operation in Opla, pre-operational costs in Palmeirante and maintenance. Compared to 1Q25, there was a decrease of 1% due to lower </font><font style="font-size: 10pt; line-height: inherit;">invoiced </font><font style="font-size: 10pt; line-height: inherit;">volume, partially offset by higher maintenance costs.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font 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$ 45 million (+1% vs. 2Q24 and +7% vs. 1Q25), mainly due to higher personnel expense</font><font style="font-size: 10pt; line-height: inherit;"> (</font><font style="font-size: 10pt; line-height: inherit;">collective bargaining agreement) and new business acquisitions</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjusted EBITDA &#8211;</font><font style="color: #ee0000; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font><font style="font-size: 10pt; line-height: inherit;">Total of R$ 141 million (-15% vs 2Q24 and 1Q25), mainly explained by lower billed m&#179; and initial costs and expenses related to the expansion in Paul&#237;nia</font><font style="font-size: 10pt; line-height: inherit;"> (Opla)</font><font style="font-size: 10pt; line-height: inherit;"> and the new terminal in Palmeirante.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Investments &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">R$ 116 million was invested this quarter, primarily allocated to expansion projects at the terminals of Itaqui, Opla railway branch, Santos and Rondon&#243;polis.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; 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; line-height: inherit; font-family: 'times new roman', times;" 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;"/>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-family: 'times new roman', times;"><a href="#TOC">Table of Contents</a></font></div>







</div>







</div>
<table style="height: 27px; width: 100%; font-size: 10pt; margin-left: 0.1px; 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: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 18pt; float: none; display: inline !important;">2Q25</font></font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></font></td>





















</tr>











































</table>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt; line-height: 1.2;"><br></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times;">

<font style="font-size: 10pt; line-height: inherit; color: #00458c;">R$ million</font></font>
<table cellspacing="0" cellpadding="0" style="height: 220px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 19px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 39px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 14pt; font-weight: bold; line-height: inherit;">HIDROVIAS DO BRASIL</font></p>












</td>
<td colspan="5" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Quarter</font></p>












</td>
<td colspan="4" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Year-to-date </font></p>












</td>












</tr>
<tr style="height: 20px;">
<td style="background-color: #8d8b8c; 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: 8.5pt; line-height: inherit;">2Q25</font></p>












</td>
<td style="background-color: #8d8b8c; 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: 8.5pt; line-height: inherit;">2Q24</font></p>












</td>
<td style="background-color: #8d8b8c; 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: 8.5pt; line-height: inherit;">1Q25</font></p>












</td>
<td style="background-color: #8d8b8c; 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: 8.5pt; line-height: inherit;">2Q25 x 2Q24</font></p>












</td>
<td colspan="2" style="background-color: #8d8b8c; 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: 8.5pt; line-height: inherit;">2Q25 x 1Q25</font></p>












</td>
<td style="background-color: #8d8b8c; 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: 8.5pt; line-height: inherit;">1H25</font></p>












</td>
<td style="background-color: #8d8b8c; 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: 8.5pt; line-height: inherit;">1S24</font></p>












</td>
<td style="background-color: #8d8b8c; 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: 8.5pt; line-height: inherit;">1H25 x 1H24</font></p>












</td>












</tr>
<tr style="height: 19px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; width: 36%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Total volume</font> <font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">(</font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">thousand</font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;"> 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: 19px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">4</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;">922</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">4</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">475</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">4</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">161</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">10%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">18%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">084</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">8</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">509</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; width: 8%; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7%</font></p>












</td>












</tr>
<tr style="height: 19px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Nort</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">h Corridor</font> </font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">204</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">2</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: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">867</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">18%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">071</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">158</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-2%</font></p>












</td>












</tr>
<tr style="height: 19px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">S</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">outh Corridor</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">416</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">010</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">085</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">40%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">31%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">501</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">713</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">46%</font></p>












</td>












</tr>
<tr style="height: 19px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Coastal Navigation</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">87</font><font style="font-size: 10pt; line-height: inherit;">2</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">044</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">769</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-17%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">13%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">64</font><font style="font-size: 10pt; line-height: inherit;">1</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">933</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-15%</font></p>












</td>












</tr>
<tr style="height: 19px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Santo</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: 19px;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">353</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">440</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">22%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">-2%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">871</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">705</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">23%</font></p>












</td>












</tr>
<tr style="height: 19px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjusted EBITDA</font> <font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">(R$ mi</font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">llion</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: 19px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">304</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">221</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">221</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">38%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">38%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">525</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">387</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">36%</font></p>












</td>












</tr>
<tr style="height: 19px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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><font style="color: #262626; font-size: 10pt; line-height: inherit;">&#185;</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">44</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">30</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; font-style: italic; line-height: inherit;">3</font><font style="color: #262626; font-size: 10pt; font-style: italic; line-height: inherit;">6</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 8pt; font-style: italic; line-height: inherit;">46</font><font style="color: #262626; font-size: 8pt; font-style: italic; line-height: inherit;">%</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 8pt; font-style: italic; line-height: inherit;">2</font><font style="color: #262626; font-size: 8pt; font-style: italic; line-height: inherit;">2</font><font style="color: #262626; font-size: 8pt; font-style: italic; line-height: inherit;">%</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">80</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">30</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 8pt; font-style: italic; line-height: inherit;">&#160;&#160;&#160; </font><font style="color: #262626; font-size: 8pt; font-style: italic; line-height: inherit;">n/a</font></font></p>












</td>












</tr>
<tr style="height: 19px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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 (%)</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">44%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">40%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">40%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">4 p.p.</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">4 p.p</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">42%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">39%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">3 p.p</font></p>












</td>












</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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: 9pt; font-weight: bold; line-height: inherit;">&#160; </font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">(R$ mi</font><font style="color: #00458c; font-size: 9pt; font-weight: bold; line-height: inherit;">llion</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: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">348</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">250</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">256</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">39%</font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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: 8pt; line-height: inherit;">36%</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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;">604</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">417</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">45%</font></p>












</td>












</tr>
<tr style="height: 19px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; font-style: italic; line-height: inherit;">Recurring Adjusted EBITDA</font><font style="color: #262626; font-size: 10pt; font-style: italic; line-height: inherit;"> margin</font><font style="color: #262626; font-size: 9pt; font-style: italic; line-height: inherit;"> (%)</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">50%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">46%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">46%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 8pt; font-style: italic; line-height: inherit;">4</font><font style="color: #262626; font-size: 8pt; font-style: italic; line-height: inherit;"> p.p.</font></font></p>












</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">4 p.p.</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">49%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<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;">42%</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; line-height: inherit;">7 p.p.</font></p>












</td>












</tr>

























</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 7pt; line-height: inherit;">&#185; Non-recurring items for 2Q25 are described in the EBITDA calculation table &#8211; page </font><font style="font-size: 7pt; line-height: inherit;">2</font><font style="font-size: 7pt; line-height: inherit;">. </font><font style="font-size: 7pt; line-height: inherit;">Regarding the comparative periods, non-recurring items can be consulted directly in the Earnings Release, on the company&#8217;s website. </font><font style="color: #0000ff; font-size: 7pt; text-decoration: underline; line-height: inherit;">Results Center - Hidrovias IR</font></font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">The table above presents Hidrovias&#8217; full results since January 2024, as disclosed </font><font style="font-size: 8pt; line-height: inherit;">by</font><font style="font-size: 8pt; line-height: inherit;"> the </font><font style="font-size: 8pt; line-height: inherit;">company&#8217;s </font><font style="font-size: 8pt; line-height: inherit;">on its </font><font style="font-size: 8pt; line-height: inherit;">Investor Relations website. </font><font style="font-size: 8pt; line-height: inherit;">The figures were maintained </font><font style="font-size: 8pt; line-height: inherit;">as</font><font style="font-size: 8pt; line-height: inherit;"> originally</font> <font style="font-size: 8pt; line-height: inherit;">published</font><font style="font-size: 8pt; line-height: inherit;">, reflecting the</font><font style="font-size: 8pt; line-height: inherit;"> complete</font><font style="font-size: 8pt; line-height: inherit;"> quarterly results. </font></font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 8pt; line-height: inherit;">Ultrapar&#8217;s consolidated figures include the consolidation of</font><font style="font-size: 8pt; line-height: inherit;"> Hidrovias</font><font style="font-size: 8pt; line-height: inherit;"> results for May and June 2025, in addition to the </font><font style="font-size: 8pt; line-height: inherit;">share of profit (loss) of subsidiaries, joint ventures and associates </font><font style="font-size: 8pt; line-height: inherit;">of Hidrovias between May 2024 and April 2025.</font> </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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;">T</font><font style="font-size: 10pt; line-height: inherit;">otal volume increased by 10% in 2Q25 compared to 2Q24, highlighting the better performance in the South Corridor, </font><font style="font-size: 10pt; line-height: inherit;">driven by better</font><font style="font-size: 10pt; line-height: inherit;"> navigation conditions</font><font style="font-size: 10pt; line-height: inherit;"> (</font><font style="font-size: 10pt; line-height: inherit;">benefiting</font><font style="font-size: 10pt; line-height: inherit;"> from improved rainfall patterns)</font><font style="font-size: 10pt; line-height: inherit;"> and a better mix given the </font><font style="font-size: 10pt; line-height: inherit;">higher iron ore throughput</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">in</font><font style="font-size: 10pt; line-height: inherit;"> addition to</font> <font style="font-size: 10pt; line-height: inherit;">higher </font><font style="font-size: 10pt; line-height: inherit;">volume</font><font style="font-size: 10pt; line-height: inherit;"> in the North Corridor. These effects were partially offset by the lower volume at Coastal Navigation</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;"> Compared to 1Q25, the volume increased by 18% with strong performance in the South, mainly reflecting better navigability, and in the North Corridor </font><font style="font-size: 10pt; line-height: inherit;">as a result of seasonal factors affecting grain transportation.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Net operating revenue (ex-hedge accounting) &#8211;</font><font style="font-size: 10pt; line-height: inherit;"> Total of R$ 690 million in 2Q25, an increase of 27% vs. 2Q24 and 24% vs. 1Q25, mainly</font><font style="font-size: 10pt; line-height: inherit;"> driven</font><font style="font-size: 10pt; line-height: inherit;"> by the higher volume </font><font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">increased </font><font style="font-size: 10pt; line-height: inherit;">tariff</font><font style="font-size: 10pt; line-height: inherit;">s</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating costs &#8211;</font><font style="font-size: 10pt; line-height: inherit;"> Total of R$ 3</font><font style="font-size: 10pt; line-height: inherit;">84</font><font style="font-size: 10pt; line-height: inherit;"> million in 2Q25 (+8% vs. 2Q24 and +</font><font style="font-size: 10pt; line-height: inherit;">13</font><font style="font-size: 10pt; line-height: inherit;">% vs. 1Q25)</font><font style="font-size: 10pt; line-height: inherit;">. Excluding</font> <font style="font-size: 10pt; line-height: inherit;">depreciation and amortization,</font> <font style="font-size: 10pt; line-height: inherit;">operating costs </font><font style="font-size: 10pt; line-height: inherit;">reached</font><font style="font-size: 10pt; line-height: inherit;"> R$ 300 million</font><font style="font-size: 10pt; line-height: inherit;"> in 2Q25 </font><font style="font-size: 10pt; line-height: inherit;">(+8% vs 2</font><font style="font-size: 10pt; line-height: inherit;">Q</font><font style="font-size: 10pt; line-height: inherit;">24 </font><font style="font-size: 10pt; line-height: inherit;">and</font><font style="font-size: 10pt; line-height: inherit;"> +20% vs 1</font><font style="font-size: 10pt; line-height: inherit;">Q</font><font style="font-size: 10pt; line-height: inherit;">25), </font><font style="font-size: 10pt; line-height: inherit;">reflecting</font> <font style="font-size: 10pt; line-height: inherit;">one-off</font> <font style="font-size: 10pt; line-height: inherit;">higher costs</font><font style="font-size: 10pt; line-height: inherit;"> related</font> <font style="font-size: 10pt; line-height: inherit;">to</font><font style="font-size: 10pt; line-height: inherit;"> the docking of a ship</font><font style="font-size: 10pt; line-height: inherit;"> at Coastal Navigation</font><font style="font-size: 10pt; line-height: inherit;"> and </font><font style="font-size: 10pt; line-height: inherit;">impacts</font><font style="font-size: 10pt; line-height: inherit;"> related </font><font style="font-size: 10pt; line-height: inherit;">with the</font> <font style="font-size: 10pt; line-height: inherit;">start</font><font style="font-size: 10pt; line-height: inherit;"> of the salt operation in Santos</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; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Selling, general and administrative expenses</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8211;</font><font style="font-size: 10pt; line-height: inherit;"> Total of R$</font><font style="font-size: 10pt; line-height: inherit;">63</font><font style="font-size: 10pt; line-height: inherit;"> million in 2Q25 (-2</font><font style="font-size: 10pt; line-height: inherit;">9</font><font style="font-size: 10pt; line-height: inherit;">% vs. 2Q24 and stable vs. 1Q25)</font><font style="font-size: 10pt; line-height: inherit;">. </font><font style="font-size: 10pt; line-height: inherit;">Excluding</font> <font style="font-size: 10pt; line-height: inherit;">depreciation and amortization</font><font style="font-size: 10pt; line-height: inherit;">,</font> <font style="font-size: 10pt; line-height: inherit;">expense</font><font style="font-size: 10pt; line-height: inherit;">s reached </font><font style="font-size: 10pt; line-height: inherit;">R$ 55 million in 2Q25 </font><font style="font-size: 10pt; line-height: inherit;">(-21% vs 2</font><font style="font-size: 10pt; line-height: inherit;">Q</font><font style="font-size: 10pt; line-height: inherit;">24 </font><font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">stable</font><font style="font-size: 10pt; line-height: inherit;"> vs 1</font><font style="font-size: 10pt; line-height: inherit;">Q</font><font style="font-size: 10pt; line-height: inherit;">25)</font> <font style="font-size: 10pt; line-height: inherit;">due to </font><font style="font-size: 10pt; line-height: inherit;">non-recurring</font> <font style="font-size: 10pt; line-height: inherit;">effects in 2Q24 related to the donation of</font><font style="font-size: 10pt; line-height: inherit;"> the</font><font style="font-size: 10pt; line-height: inherit;"> investment for rail </font><font style="font-size: 10pt; line-height: inherit;">shipment</font><font style="font-size: 10pt; line-height: inherit;"> in Santos and additional </font><font style="font-size: 10pt; line-height: inherit;">expenses</font> <font style="font-size: 10pt; line-height: inherit;">related to asset transfers in</font><font style="font-size: 10pt; line-height: inherit;"> the South Corridor.</font><font style="font-size: 10pt; line-height: inherit;"> Compared to 1Q25 </font><font style="font-size: 10pt; line-height: inherit;">remained stable.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><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$ 348 million</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font><font style="font-size: 10pt; line-height: inherit;">(+39% vs. 2Q24 and +36% vs. 1Q25), reflecting better navigability conditions in the South Corridor, better </font><font style="font-size: 10pt; line-height: inherit;">volumes and </font><font style="font-size: 10pt; line-height: inherit;">tariffs in the North</font><font style="font-size: 10pt; line-height: inherit;"> Corridor</font><font style="font-size: 10pt; line-height: inherit;">, partially offset by lower results from Coastal Navigation and Santos operations. </font><font style="font-size: 10pt; line-height: inherit;">The effect of</font><font style="font-size: 10pt; line-height: inherit;"> Hidrovias</font><font style="font-size: 10pt; line-height: inherit;"> o</font><font style="font-size: 10pt; line-height: inherit;">n Ultrapar&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> EBITDA in 2Q25 was</font> <font style="font-size: 10pt; line-height: inherit;">R$ </font><font style="font-size: 10pt; line-height: inherit;">276 million</font><font style="font-size: 10pt; line-height: inherit;">, resulting from</font> <font style="font-size: 10pt; line-height: inherit;">R$ </font><font style="font-size: 10pt; line-height: inherit;">234 million </font><font style="font-size: 10pt; line-height: inherit;">of </font><font style="font-size: 10pt; line-height: inherit;">EBITDA for May and June</font><font style="font-size: 10pt; line-height: inherit;"> (</font><font style="font-size: 10pt; line-height: inherit;">following the consolidation of control</font><font style="font-size: 10pt; line-height: inherit;">)</font><font style="font-size: 10pt; line-height: inherit;">, and R$</font> <font style="font-size: 10pt; line-height: inherit;">42 million </font><font style="font-size: 10pt; line-height: inherit;">of</font><font style="font-size: 10pt; line-height: inherit;"> share of profit of Hidrovias for the final pre-consolidation period.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Investments &#8211;</font> <font style="font-size: 10pt; line-height: inherit;">R$ 91 million was invested in 2Q25, reflecting the effects of the docking of HB Tucunar&#233; in the Coastal Navigation operation, as well as modular expansion projects in the North Corridor.</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">For further financial and operational details of Hidrovias, visit </font><font style="font-size: 10pt; line-height: inherit;">the company&#8217;s</font> <font style="color: #0000ff; font-size: 10pt; text-decoration: underline; line-height: inherit;">Investor Relations website</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" class="pageno"><font class="pageno">82</font></font></td>







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







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<tr style="height: 10px;">
<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 18pt; float: none; display: inline !important;">2Q25</font></font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></font></td>





















</tr>











































</table>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 287px; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 18px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 36px;">
<p style="margin: 0pt 14.05pt 0pt 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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; 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; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">Q</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;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">Q</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;"><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;">25</font></font></p>












</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 70%; height: 17px;">
<p style="margin: 0pt 14.05pt 0pt 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents&#185;</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">437</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">7</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">429</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.05pt 0pt 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gross debt&#185;</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">(17</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">,</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">618)</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;"><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;">703)</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.05pt 0pt 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: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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;">749)</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;"><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;">426)</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.05pt 0pt 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Derivative </font><font style="color: #262626; font-size: 10pt; line-height: inherit;">financial instruments</font><font style="color: #262626; font-size: 10pt; line-height: inherit;">&#185;</font></font></p>












</td>
<td style="background-color: #d9e5f1; 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;">295</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; font-size: 10pt; line-height: inherit;">-</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">-</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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt 14.05pt 0pt 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net debt</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">(12</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;">635)</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">(7</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">700)</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">(9</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">044)</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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt 14.05pt 0pt 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">Net debt/Adjusted LTM EBITDA</font><font style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">&#178;</font></font></p>












</td>
<td style="background-color: #dae9f8; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">9x</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">2x</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; 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 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;">7x</font></font></p>












</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.05pt 0pt 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: 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;">(258)</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;"><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;">531)</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.05pt 0pt 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: 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;">(122)</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; font-size: 10pt; line-height: inherit;">(244)</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">(151)</font></p>












</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.05pt 0pt 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Receivables from divestments (Oxiteno and Extrafarma)</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: 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;">-</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; font-size: 10pt; line-height: inherit;">220</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">-</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: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt 14.05pt 0pt 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net debt + draft discount + vendor + receivables</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">(13</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;">015</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; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">(</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">9</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">256</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">)</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; 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 style="color: #00458c; font-size: 10pt; line-height: inherit;">(10</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">,</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">362)</font></font></p>












</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.05pt 0pt 0pt;"><font style="font-family: 'times new roman', times;"><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; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,6</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; font-size: 10pt; line-height: inherit;">3,3</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; font-size: 10pt; line-height: inherit;">3,3</font></p>












</td>







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<tr style="height: 10px;">
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<p style="margin: 0pt 14.05pt 0pt 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>












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<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;">107% DI</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">110% DI</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">110% DI</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><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>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;">DI + 1</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">.</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">0%</font></font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 10pt; line-height: inherit;">DI + 1</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">.</font><font style="color: #00458c; font-size: 10pt; line-height: inherit;">3%</font></font></p>












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<p style="margin: 0pt 14.05pt 0pt 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average cash yield </font><font style="color: #262626; font-size: 9pt; line-height: inherit;">(% DI)</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;">99%</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;">99%</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;">100%</font></p>












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<p style="font-size: 7pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">&#185;&#160;</font><font style="font-size: 7pt; line-height: inherit;">In 2Q25, the &#8220;Cash and cash equivalents&#8221; and &#8220;Gross debt&#8221; lines no longer present the balance of &#8220;Derivative </font><font style="font-size: 7pt; line-height: inherit;">financial </font><font style="font-size: 7pt; line-height: inherit;">instruments&#8221;. For further information, please </font><font style="font-size: 7pt; line-height: inherit;">see</font><font style="font-size: 7pt; line-height: inherit;"> note 26 of Ultrapar&#8217;s financial statements.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">&#178;&#160;</font><font style="font-size: 7pt; line-height: inherit;">Adjusted LTM EBITDA does not include extraordinary tax credits. With the consolidation of Hidrovias, Adjusted LTM EBITDA for 2Q25 includes the effect of Hidrovias&#8217; Adjusted EBITDA for the</font><font style="font-size: 7pt; line-height: inherit;"> last 12 months, excluding the effects of </font><font style="font-size: 7pt; line-height: inherit;">share of profit (loss) of subsidiaries, joint ventures and associates&#8221; </font><font style="font-size: 7pt; line-height: inherit;">counted</font><font style="font-size: 7pt; line-height: inherit;"> at Ultrapar.</font></font></p>












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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultrapar ended 2Q25 with an adjusted net debt of R$ 1</font><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;">635</font><font style="font-size: 10pt; line-height: inherit;"> million (1.9x Adjusted LTM EBITDA), compared to R$ </font><font style="font-size: 10pt; line-height: inherit;">9</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">044</font><font style="font-size: 10pt; line-height: inherit;"> million in March 2025 (1.</font><font style="font-size: 10pt; line-height: inherit;">7</font><font style="font-size: 10pt; line-height: inherit;">x Adjusted LTM EBITDA). </font><font style="font-size: 10pt; line-height: inherit;">The increase </font><font style="font-size: 10pt; line-height: inherit;">in</font><font style="font-size: 10pt; line-height: inherit;"> our leverage </font><font style="font-size: 10pt; line-height: inherit;">was mainly due to the R$ 909 million</font><font style="font-size: 10pt; line-height: inherit;"> reduction in </font><font style="font-size: 10pt; line-height: inherit;">draft discount</font><font style="font-size: 10pt; line-height: inherit;">,</font> <font style="font-size: 10pt; line-height: inherit;">as a result of</font><font style="font-size: 10pt; line-height: inherit;"> the</font><font style="font-size: 10pt; line-height: inherit;"> IOF </font><font style="font-size: 10pt; line-height: inherit;">tax burden</font><font style="font-size: 10pt; line-height: inherit;">.</font> <font style="font-size: 10pt; line-height: inherit;">Excluding this effect, </font><font style="font-size: 10pt; line-height: inherit;">we would maintain the same </font><font style="font-size: 10pt; line-height: inherit;">leverage </font><font style="font-size: 10pt; line-height: inherit;">level due to the</font><font style="font-size: 10pt; line-height: inherit;"> strong cash generation during the quarter, despite the consolidation of Hidrovias (impact of +0.2x on leverage) </font><font style="font-size: 10pt; line-height: inherit;">a</font><font style="font-size: 10pt; line-height: inherit;">nd the</font> <font style="font-size: 10pt; line-height: inherit;">additional </font><font style="font-size: 10pt; line-height: inherit;">acquisition of interest stake and consolidation of Hidrovias,</font><font style="font-size: 10pt; line-height: inherit;"> together with Ultrapar&#8217;s share buybacks, </font><font style="font-size: 10pt; line-height: inherit;">which </font><font style="font-size: 10pt; line-height: inherit;">totaled R$ 494 million.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<p style="font-size: 12pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 12pt; font-weight: bold; line-height: inherit;">Cash and maturity profile and breakdown of the gross debt (R$ m</font><font style="color: #00458c; font-size: 12pt; font-weight: bold; line-height: inherit;">illion)</font><font style="color: #00458c; font-size: 12pt; font-weight: bold; line-height: inherit;">:</font> </font></p>
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<p style="font-size: 12pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">&#160;<img src="c5066b356667a243df38.jpg" style="display: block; margin-left: auto; margin-right: auto;;height:186;width:550;" alt="Graphics"></font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><font style="color: #00458c; font-size: 18pt; float: none; display: inline !important;">2Q25</font></font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><font style="font-family: 'times new roman', times;"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></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;"><br></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; line-height: 1.2; text-align: justify;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Updates on ESG themes</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 11pt; line-height: 1.2; text-align: justify;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">Ultrapar</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">In June, Ultrapar </font><font style="font-size: 10pt; line-height: inherit;">started</font><font style="font-size: 10pt; line-height: inherit;"> a partnership with Funda&#231;&#227;o Estudar, one of the country&#8217;s leading institutions dedicated to developing young leaders. The initiative is part of our strategy to </font><font style="font-size: 10pt; line-height: inherit;">support</font> <font style="font-size: 10pt; line-height: inherit;">efforts aimed at improving</font><font style="font-size: 10pt; line-height: inherit;"> the quality of education</font><font style="font-size: 10pt; line-height: inherit;"> in Brazil</font><font style="font-size: 10pt; line-height: inherit;"> and </font><font style="font-size: 10pt; line-height: inherit;">reflects </font><font style="font-size: 10pt; line-height: inherit;">the belief </font><font style="font-size: 10pt; line-height: inherit;">in </font><font style="font-size: 10pt; line-height: inherit;">driving transformation through </font><font style="font-size: 10pt; line-height: inherit;">investments in </font><font style="font-size: 10pt; line-height: inherit;">different ways</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">from basic to master's level, to generate long-term impact.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Also this quarter, the companies Ipiranga, Ultragaz, Ultracargo and Hidrovias do Brasil maintained the Gold Seal of the Brazilian GHG Protocol Program. The renewal of the seal reinforces the commitment of the group's companies to transparency and the publication of greenhouse gas (GHG) emissions inventories in the country.</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">Business</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ipiranga maintained its leading position in the energy sector in the general ranking of Merco - </font><font style="font-size: 10pt; font-style: italic; line-height: inherit;">Monitor Empresarial de Reputa&#231;&#227;o Corporativa</font><font style="font-size: 10pt; line-height: inherit;"> (Corporate Reputation Monitor), for the eighth consecutive year. In 2025, it reached 37th place in the national ranking, an increase of five positions compared to the previous year in the survey that is considered one of the main references for corporate reputation in Brazil.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For Ultragaz, the quarter was marked by several developments and achievements, highlighted by the release of the 2024 Sustainability Report and the recognition with 1st place in the Best of ESG Award, from Exame, in the oil, gas and chemical category. Furthermore, the company joined the SP Carbon Zero Commitment, an initiative of the S&#227;o Paulo State Government aimed at reducing greenhouse gas emissions, reinforcing its commitment to the issue.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Ultracargo was once again recognized as one of the best companies to work for by Great Place to Work (GPTW), reinforcing its commitment to talent development and people training</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hidrovias released its 2024 Integrated Report, detailing the main results and actions aimed at sustainability, climate resilience, and strengthening waterway transportation.</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;">&#160;</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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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">25</font></font></p>












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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">2</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">Q</font><font style="color: #ffffff; font-size: 10pt; line-height: inherit;">24</font></font></p>












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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;">25</font></font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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: top; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 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;">115</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">404</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font 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;">115</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">507</font></font></p>












</td>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><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$ million)</font></font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="color: #00458c; font-size: 10pt; font-weight: bold; line-height: inherit;">19</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;">566</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; 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 style="font-size: 10pt; line-height: inherit;">24</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">093</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1pt; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">19</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">086</font></font></p>












</td>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 70%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">B3</font></p>












</td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%;">
<p style="margin: 0pt;"><br></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average daily trading volume </font><font style="color: #262626; font-size: 9pt; line-height: inherit;">(</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">&#8216;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: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;">872</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">297</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times;"><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: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">99</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">322</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">106</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">068</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times;"><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: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">16</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">91</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">24</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">68</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">16</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">60</font></font></p>












</td>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<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: top;">
<p style="margin: 0pt;"><br></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Quantity of ADRs&#178; </font><font style="color: #262626; font-size: 9pt; line-height: inherit;">(</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">&#8216;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: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">67</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">360</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">59</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">223</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average daily trading volume </font><font style="color: #262626; font-size: 9pt; line-height: inherit;">(</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">&#8216;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: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;">962</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;">340</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times;"><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: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;">928</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;">490</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">961</font></font></p>












</td>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times;"><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: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">02</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">84</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;">93</font></font></p>












</td>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<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: top;">
<p style="margin: 0pt;"><br></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>












</td>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times;"><font style="color: #262626; font-size: 10pt; line-height: inherit;">Average daily trading volume </font><font style="color: #262626; font-size: 9pt; line-height: inherit;">(</font><font style="color: #262626; font-size: 9pt; line-height: inherit;">&#8216;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: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">7</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">834</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;">637</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">8</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">382</font></font></p>












</td>












</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="font-family: 'times new roman', times;"><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: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">132</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">869</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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;">743</font></font></p>












</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><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>












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<tr style="height: 16.1pt;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 7pt; line-height: inherit;">&#160;&#160; &#185;</font> <font style="font-size: 7pt; line-height: inherit;">Calculated on the closing share price for the period</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 7pt; line-height: inherit;">&#160;&#160; </font><font style="font-size: 7pt; line-height: inherit;">&#178; 1 ADR = 1 </font><font style="font-size: 7pt; line-height: inherit;">commom share</font></font></p>












</td>












</tr>

























</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">The average daily trading volume of Ultrapar, considering trades on B3 and NYSE, was R$ 133 million/day in 2Q25 (-5% vs 2Q24). Ultrapar&#8217;s shares ended 2Q25 priced at R$ 17.54 on B3, an appreciation of 1% in the quarter, while Ibovespa index appreciated by 6</font><font style="font-size: 10pt; line-height: inherit;">%</font><font style="font-size: 10pt; line-height: inherit;">. On the NYSE, Ultrapar&#8217;s shares appreciated by 6%, while the Dow Jones index appreciated by 5% in the quarter. Ultrapar ended 2Q25 with a market cap of R$ 19.6 billion.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center; text-indent: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Evolu&#231;&#227;o UGPA3 x Ibovespa</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: center; text-indent: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(Base 100)</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;"><img src="c6427582709105820c17.jpg" style="height:243;width:543;" alt="Graphics">&#160;</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: center; text-indent: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: center; text-indent: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><br></p>












</div><div id="D720cnfje6uar0f1twnctn" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="font-size: 12pt; line-height: 1.2; margin: 8pt 0pt 6pt; text-align: justify;"><font style="color: #3cbfbe; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2Q25 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; font-size: 10pt; line-height: inherit;">Ultrapar will host a conference call with analysts and investors on August 14, 2025, to comment on the Company&#8217;s performance in the second quarter of 2025 and its outlook. The presentation will be available for download on the Company&#8217;s website 30 minutes prior to the start.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt 6pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The conference call will be broadcast via zoom and conducted in Portuguese with simultaneous translation into English. Please connect 10 minutes in advance.</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><br><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;">&#160;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Access link via Zoom</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Participants in Brazil and international: Click here</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">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;"/>
<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>
<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: 1px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















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</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: Calibri, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="line-height: 14.2667px; font-family: Aptos, sans-serif; color: #00458c;"><br></font></b></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="line-height: 14.2667px; color: #00458c;">R$ million</font></b></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: Calibri, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="line-height: 14.2667px; font-family: Aptos, sans-serif; color: #00458c;"></font></b></font></p>
<table cellspacing="0" cellpadding="0" style="height: 1196px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">ULTRAPAR - </font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">Balance sheet</font></font></p>










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<td rowspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun 25</font></p>










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<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-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;">Jun 25</font></p>










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<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-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;">Jun 25</font></p>










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<td rowspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-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;">Jun 24</font></p>










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<td rowspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar 25</font></p>










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<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 9.95918%;">
<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;">C</font><font style="color: #ffffff; line-height: inherit;">ontinued</font></font></p>










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<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 9.95918%;">
<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;">D</font><font style="color: #ffffff; line-height: inherit;">iscontinued</font></font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<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;">A</font><font style="font-weight: bold; line-height: inherit;">SSETS</font></font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt 0pt 0pt 1.75pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="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: top; height: 17px; width: 9.95918%; 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;">2,909</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,897</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,831</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">1,436</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">1,089</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,088</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">301</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">1,301</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments<font style="font-size: 8pt;"><sup>1</sup></font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">157</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">157</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables and reseller financing</font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">4,278</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,233</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,517</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">4,065</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables - sale of subsidiaries</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">220</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inventories</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">4,055</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,039</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,990</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">4,135</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recoverable taxes</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">2,336</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,309</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,666</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">2,130</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">226</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">226</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; 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;">349</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prepaid expenses </font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">211</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">211</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; 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;">202</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contractual assets with customers &#8211; exclusive rights</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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;">644</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">644</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<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; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">777</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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;">646</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">382</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">353</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">295</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">309</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets held for sale</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">700</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Total </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">current assets</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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;">16</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">288</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">16</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">857</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-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;">130</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">15</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">746</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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; font-weight: bold; line-height: inherit;">14</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">574</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial Investments and other financial assets</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">2,439</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,420</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,298</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">3,256</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments<font style="font-size: 8pt;"><sup>1</sup></font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">635</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">635</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">761</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">761</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">691</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">976</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">896</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,268</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">869</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recoverable taxes</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">3,614</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,614</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,731</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">2,763</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">314</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">314</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; 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;">382</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Escrow deposits </font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">492</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">471</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,055</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">402</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prepaid expenses</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">57</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">57</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">43</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contractual assets with customers - exclusive rights</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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;">1,444</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,444</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<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; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,432</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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;">1,456</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Related parties</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">60</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">52</font></p>










 </td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other receivables</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%; 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;">393</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">387</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">240</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%; 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;">224</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments in subsidiaries, joint ventures and associates</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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;">430</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">510</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,599</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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;">2,025</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Right-of-use assets</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">1,940</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,940</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,612</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">1,644</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">11,943</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,583</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">360</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,585</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,251</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intangible assets</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">3,823</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,660</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">163</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,975</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">2,074</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total non-current assets</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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;">29</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">321</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">28</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">751</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">5</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">6</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">9</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">22</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">594</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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; font-weight: bold; line-height: inherit;">23</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">180</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: 49.9592%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Total </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">a</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">ssets</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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;">45</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">608</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">45</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">608</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-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;">700</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">38</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">340</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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; font-weight: bold; line-height: inherit;">37</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">755</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">2,876</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,855</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,127</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">2,367</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables - reverse factoring</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">258</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">258</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,531</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">1,167</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, financing and debentures</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">3,095</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,031</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,415</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">2,582</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments<font style="font-size: 8pt;"><sup>1</sup></font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">157</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">157</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">442</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">399</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">371</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Taxes payable</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">573</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">429</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">329</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="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: top; height: 17px; width: 9.95918%; 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;">376</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">376</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">332</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">319</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">176</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">176</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; 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;">285</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="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: top; height: 17px; width: 9.95918%; 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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">135</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">102</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for decarbonization credits</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">56</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">56</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">147</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">96</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends payable</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">86</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">86</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">48</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">708</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">708</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">583</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">633</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liabilities held for sale</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">472</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Total </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">current liabilities</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">8</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">914</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">9</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">280</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-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;">107</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">10</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">151</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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; font-weight: bold; line-height: inherit;">8</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">299</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, financing and debentures</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,523</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,158</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">365</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,288</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">10,973</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative instruments<font style="font-size: 8pt;"><sup>1</sup></font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">295</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">295</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Energy trading futures contracts</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">107</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">107</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%; 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;">147</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for tax, civil and labor risks</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">625</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">625</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,252</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">602</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">209</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">209</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">250</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">203</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="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: top; height: 17px; width: 9.95918%; 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;">1,374</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,374</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,094</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">1,163</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="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: top; height: 17px; width: 9.95918%; 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;">30</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">49</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Related parties</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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</font></p>










 </td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%; 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;">1,132</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,132</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%;">
<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: top; height: 10px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">339</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%; 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;">423</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total non-current liabilities</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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;">18</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">298</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">17</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">933</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-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;">365</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">13</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">336</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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; font-weight: bold; line-height: inherit;">13</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">565</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: 49.9592%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Total</font> <font style="color: #00458c; font-weight: bold; line-height: inherit;">liabilities</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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;">27</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">212</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">27</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">212</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-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;">472</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">23</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">486</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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; 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;">864</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">EQUITY</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.95918%; 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-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share capital</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">6,622</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,622</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,622</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">6,622</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reserves</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,602</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,602</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,999</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">8,604</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Treasury shares</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">(810)</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(810)</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">(711)</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">1,660</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,660</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,114</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">681</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling interests in subsidiaries</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">2,322</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,322</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<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: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">570</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">695</font></p>










 </td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 49.9592%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Total </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">equity</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%; border-top-width: 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;">18</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">396</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">18</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">396</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%; border-top-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;">-</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">14</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">854</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 9.95918%; border-top-width: 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; font-weight: bold; line-height: inherit;">15</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">890</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: 49.9592%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Total </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">liabi</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">lities and </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">Equity</font></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; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">45</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">608</font></font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">45</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">608</font></font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-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;">472</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">38</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">340</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;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">37</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">755</font></font></p>










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<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Cash and cash equivalents</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;"><font style="font-style: italic; line-height: inherit;">6</font><font style="font-style: italic; line-height: inherit;">,</font><font style="font-style: italic; line-height: inherit;">437</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; font-style: italic; line-height: inherit;">&#160;</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-style: italic; line-height: inherit;">&#160;</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;"><font style="font-style: italic; line-height: inherit;">7</font><font style="font-style: italic; line-height: inherit;">,</font><font style="font-style: italic; line-height: inherit;">429</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;"><font style="font-style: italic; line-height: inherit;">5</font><font style="font-style: italic; line-height: inherit;">,</font><font style="font-style: italic; line-height: inherit;">994</font></font></p>










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<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Gross debt</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;"><font style="font-style: italic; line-height: inherit;">(17</font><font style="font-style: italic; line-height: inherit;">,</font><font style="font-style: italic; line-height: inherit;">618)</font></font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">(13</font><font style="font-style: italic; line-height: inherit;">,</font><font style="font-style: italic; line-height: inherit;">703)</font></font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">(13</font><font style="font-style: italic; line-height: inherit;">,</font><font style="font-style: italic; line-height: inherit;">556)</font></font></p>










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<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Leases payable</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-style: italic; line-height: inherit;">295</font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">-</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; 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;">-</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 49.9592%;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Derivative financial instruments<font style="font-size: 8pt;"><sup>1</sup></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;"><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;">749)</font></font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">(1</font><font style="font-style: italic; line-height: inherit;">,</font><font style="font-style: italic; line-height: inherit;">426)</font></font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="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;">482)</font></font></p>










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<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Net Debt</font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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-style: italic; font-weight: bold; line-height: inherit;">(12</font><font style="color: #00458c; font-style: italic; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-style: italic; font-weight: bold; line-height: inherit;">635)</font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-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-style: italic; font-weight: bold; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-style: italic; font-weight: bold; line-height: inherit;">(7</font><font style="color: #00458c; font-style: italic; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-style: italic; font-weight: bold; line-height: inherit;">700)</font></font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.95918%; border-top-width: 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; font-style: italic; font-weight: bold; line-height: inherit;">(9</font><font style="color: #00458c; font-style: italic; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-style: italic; font-weight: bold; line-height: inherit;">044)</font></font></p>










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   <font style="font-size: 10pt;"><font style="font-size: 10pt;"><sup></sup></font></font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-size: 10pt;"><sup><br></sup></font></font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-size: 8pt;"><sup>1</sup></font> In 2Q25, the &#8220;cash and cash equivalent&#8221; and &#8220;gross debt&#8221; lines no longer included the balance of derivate instruments</font>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">86</font></font></td>








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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 1px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















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<p style="font-size: 7pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: Calibri, sans-serif; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; 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;"><br></font></b></font></p>
<p style="font-size: 7pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; 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-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;">R$ million</font></b></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: Calibri, sans-serif; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; 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;"></font></b></font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">ULTRAPAR &#8211; </font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">Income statement</font></font></p>










 </td>
<td colspan="5" style="background-color: #00458c; 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-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;">Qua</font><font style="color: #ffffff; line-height: inherit;">rter</font></font></p>










 </td>
<td colspan="2" style="background-color: #00458c; 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;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Year-to-date</font></p>










 </td>








</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; 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;">
<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;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">25</font></font><br><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cont. </font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">25</font></font><br><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Descont. </font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24 </font></font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">1</font><font style="color: #ffffff; line-height: inherit;">2</font><font style="color: #ffffff; 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-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;">1S25</font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1S24</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 44%;">
<p style="margin: 0pt;"><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: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">34</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">088</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">34</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">055</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">32</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">344</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">33</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">329</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,417</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">62</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">740</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><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: #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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(31</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">933)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(31</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">907)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">(26)</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(30</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">236)</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(31</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">188)</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(63,121)</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(58</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">571)</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;">Gross Profit</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; 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;">155</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;">
<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;">148</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;">
<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;">7</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; 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;">108</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; 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="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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">4</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">297</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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">4</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">169</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #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-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; 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-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; 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-weight: bold; line-height: inherit;">&#160;</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-weight: bold; line-height: inherit;">&#160;</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;">&#160;</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-weight: bold; line-height: inherit;">&#160;</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;">&#160;</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;">Selling and marketing</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; line-height: inherit;">(649)</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">(649)</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">-</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;">(644)</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;">(602)</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,250)</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">213)</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;"> Ge</font><font style="color: #262626; line-height: inherit;">neral and admi</font><font style="color: #262626; line-height: inherit;">nistrative</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; line-height: inherit;">(541)</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">(539)</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">(1)</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;">(514)</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;">(518)</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,059)</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;">(954)</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><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: #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;">(28)</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">15</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">(44)</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;">37</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;">5</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(23)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 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;">74</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><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: #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;">453</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">450</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">3</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;">(88)</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;">(87)</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">367</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;">(226)</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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Opera</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">ting income</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; 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;">391</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;">
<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;">425</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;">
<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;">(35)</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;">899</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;">941</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; 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;">331</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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">850</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-weight: bold; line-height: inherit;">Financial </font><font style="color: #262626; font-weight: bold; line-height: inherit;">Results</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; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;">Financial income</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; line-height: inherit;">648</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">6</font><font style="color: #262626; line-height: inherit;">44</font></font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">3</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;">281</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;">177</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">824</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;">441</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;"> Financial expenses</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(67</font><font style="color: #262626; line-height: inherit;">8</font><font style="color: #262626; line-height: inherit;">)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 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: #262626; line-height: inherit;">(6</font><font style="color: #262626; line-height: inherit;">75</font><font style="color: #262626; line-height: inherit;">)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(486)</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;">(357)</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,035)</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;">(929)</font></p>










 </td>








</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="color: #262626; 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: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










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<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; height: 10px;">
<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;">Share of profit (loss) of subisidiaries, joint ventures and associates</font></font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41</font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41</font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8)</font></p>










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<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>










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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;">(108)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11)</font></p>










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<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;"> Amortiza</font><font style="color: #262626; line-height: inherit;">tion of fair </font><font style="color: #262626; line-height: inherit;">value </font><font style="color: #262626; line-height: inherit;">adjustments on associates </font><font style="color: #262626; line-height: inherit;">acquisition</font></font></p>










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<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;">(0)</font></p>










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<td style="background-color: #d9e5f1; 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;">(0)</font></p>










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<td style="background-color: #d9e5f1; 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;">-</font></p>










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<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;">(2)</font></p>










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<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;">(0)</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1)</font></p>










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<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;">(2)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gain (loss) on obtaining control of an affiliate</font></p>










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<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;">91</font></p>










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<td style="background-color: #d9e5f1; 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;">91</font></p>










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<td style="background-color: #d9e5f1; 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;">-</font></p>










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<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;">-</font></p>










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<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;">-</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">91</font></p>










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<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;">-</font></p>










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</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; 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: rgb(0, 69, 140) !important; border-bottom-color: rgb(0, 69, 140) !important; border-left-color: rgb(0, 69, 140) !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Income before </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">taxes</font><font style="color: #00458c; font-weight: bold; line-height: inherit;"> and social </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">contribution taxes</font></font></p>










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<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; 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;">492</font></font></p>










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<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;">
<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;">526</font></font></p>










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<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;">
<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;">(34)</font></p>










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<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;">684</font></p>










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<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;">611</font></p>










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<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; 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;">103</font></font></p>










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<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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">348</font></font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-weight: bold; line-height: inherit;">I</font><font style="color: #262626; font-weight: bold; line-height: inherit;">ncome and social contribution taxes</font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










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<td style="background-color: #d9e5f1; 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;">&#160;</font></p>










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<td style="background-color: #d9e5f1; 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;">&#160;</font></p>










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<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;">&#160;</font></p>










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<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;">&#160;</font></p>










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<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;">&#160;</font></p>










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<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;">&#160;</font></p>










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<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;">C</font><font style="color: #262626; line-height: inherit;">urrent</font></font></p>










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<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;">(304)</font></p>










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<td style="background-color: #d9e5f1; 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;">(307)</font></p>










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<td style="background-color: #d9e5f1; 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;">3</font></p>










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<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;">(307)</font></p>










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<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;">(164)</font></p>










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<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;">(469)</font></p>










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<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;">(395)</font></p>










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<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;">Deferred</font></font></p>










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<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;">(37)</font></p>










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<td style="background-color: #d9e5f1; 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;">(47)</font></p>










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<td style="background-color: #d9e5f1; 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;">10</font></p>










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<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;">114</font></p>










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<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;">(83)</font></p>










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<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;">(121)</font></p>










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<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;">(7)</font></p>










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</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="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;">151</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;">
<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;">172</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;">
<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;">(21)</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;">491</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;">363</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; 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;">514</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: #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;">947</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net income attributable to:</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;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;">Shareholders of</font><font style="color: #262626; line-height: inherit;"> Ultrapar</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">088</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">088</font></font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">-</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;">438</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;">333</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">421</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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">869</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;">Non-controlling intere</font><font style="color: #262626; line-height: inherit;">sts </font><font style="color: #262626; line-height: inherit;">in subsidiaries</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; line-height: inherit;">62</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">62</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">-</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;">53</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;">30</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;">93</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;">77</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; 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: 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; 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;">070</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;">
<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;">097</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;">
<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;">(27)</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; 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;">336</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; 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="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; 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;">258</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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">693</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;">on-recurring</font><font style="color: #262626; line-height: inherit;">&#185;</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; line-height: inherit;">(601)</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">(645)</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">44</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;">(54)</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;">(5)</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;">(607)</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;">(106)</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; 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: 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; 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;">468</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;">
<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;">452</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;">
<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;">17</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; 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;">282</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; 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="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; 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;">651</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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">2</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">588</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">Depreciation and amortization</font><font style="color: #262626; line-height: inherit;">&#178;</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 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;">501</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">493</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">8</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;">446</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;">406</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;">907</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;">856</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">Total invesments</font><font style="color: #262626; line-height: inherit;">&#179;</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; line-height: inherit;">543</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">535</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">8</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;">479</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;">416</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;">959</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;">918</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">MTM </font><font style="color: #262626; line-height: inherit;">of energy </font><font style="color: #262626; line-height: inherit;">futures contracts</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; line-height: inherit;">42</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">42</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">-</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;">-</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;">(9)</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;">33</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;">-</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash flow hedge</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;">4</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">4</font></p>










 </td>
<td style="background-color: #d9e5f1; 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;">-</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;">-</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;">-</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;">4</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;">-</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Ratios</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;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Earnings per share (R$)</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">0</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">30</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">0</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">40</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">0</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">30</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">0</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">61</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">0</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">79</font></font></p>










 </td>








</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Net debt / Adjusted LTM EBITDA<font style="font-size: 10pt;"><sup>4</sup></font></font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">1</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">9x</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; 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;">2x</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; 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;">7x</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">1</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">9x</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; 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;">2x</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Gross margin (%)</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">6</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">3%</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">6</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">5%</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">6</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">4%</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">6</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; 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-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">6</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">6%</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Operating margin (%)</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">4</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">1%</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">2</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">2</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">8%</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">3</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">5%</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">2</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">9%</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Adjusted EBITDA margin (%)</font></font></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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">6</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">1%</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">4</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">1%</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">3</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">6%</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">n</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">a</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">4</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">3%</font></font></p>










 </td>








</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">Recurring Adjusted EBITDA margin (%)</font></font></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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">4</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">3%</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">4</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">0%</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">3</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">5%</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">n</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">a</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">4</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">1%</font></font></p>










 </td>








</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Number of employees</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,957</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,126</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,209</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">10</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">9</font><font style="color: #262626; line-height: inherit;">57</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">10</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">126 </font></font></p>










 </td>








</tr>



















   </table>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 10pt;"><sup>1</sup></font> Non-recurring items described in the EBITDA calculation table &#8211; page 2&#160;&#160; </font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 10pt;"><sup>2</sup></font> Includes amortization with contractual assets with customers &#8211; exclusive </font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 10pt;"><sup>3</sup></font> Includes property, plant and equipment and additions to intangible assets (net of divestitures), contractual assets with customers (exclusive rights), initial direct costs of assets with right of use, contributions made to SPEs (Specific Purpose Companies), payment of grants, financing of clients, rental advances (net of receipts), acquisition of shareholdings and payments of leases</font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-size: 10pt;"><sup>4</sup></font> Adjusted LTM EBITDA does not include closing adjustments from the sale of Extrafarma and extraordinary tax credits</font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 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">87</font></font></td>








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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 2px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















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<p style="font-size: 7pt; line-height: 1.2; margin: 0pt;"><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-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;"><br></font></b></font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt;"><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-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;">R$ million</font></b></font><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-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;"></font></b></font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="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;">Cash flows</font></font></p>










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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <font style="color: #ffffff; line-height: inherit;">Year</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;">Jan - Jun</font><br><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2025</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;">Jan - Jun</font><br><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2024</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 80%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash flows from operating activities</font></p>










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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










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<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>










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<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; 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;">535 </font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">947 </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;">Adjustments to reconcile net income to cash provided (consumed) by operating activities</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;">&#160;</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;">&#160;</font></p>










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<p style="margin: 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 and amortization of fair value adjustments on associates acquisition</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">108 </font></font></p>










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<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;">&#160;&#160; 13 </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Amortization of contractual assets with customers - exclusive rights</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">219 </font></font></p>










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<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;">255 </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Amortization of right-of-use assets</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">172 </font></font></p>










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<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;">150 </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation and amortization</font></p>










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<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;">526 </font></p>










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<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;">454 </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest and foreign exchange rate variations</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">224</font></font></p>










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<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;">692 </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current and deferred income and social contribution taxes</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">602 </font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">402 </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gain (loss) on disposal or write-off of property, plant and equipment, intangible assets and other assets</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;"><font style="color: #262626; line-height: inherit;">(31)</font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (109)</font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity instrument granted</font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7 </font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 28 </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fair Value Result of Energy Contracts</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;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">34 </font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-&#160;&#160; </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for decarbonization - CBios</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">220 </font></font></p>










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<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;">321 </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reavaliation of investment in associates</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;"><font style="color: #262626; line-height: inherit;">(91)</font></font></p>










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<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;">-&#160;&#160; </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other provisions and adjustments</font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; (10) </font></p>










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<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;">&#160;&#160; 70 </font></p>










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<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 acrivities before changes in working capital</font></p>










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<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; 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;">514 </font></font></p>










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<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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">3</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">221 </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;">(Increase) decrease in assets</font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










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<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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables and reseller financing</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(61)</font></font></p>










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<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;"> (243)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inventories</font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 43 </font></p>










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<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;">297 </font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recoverable taxes</font></p>










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<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;"> (187)</font></p>










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<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;"> (203)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends received from subsidiaries, associates and joint ventures</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2 </font></font></p>










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<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;"> 2 </font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other assets</font></p>










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<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;"> (43)</font></p>










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<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;"> (132)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Increase (decrease) in liabilities</font></p>










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<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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










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<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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










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<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables and trade payables - reverse factoring</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160; (1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">518)</font></font></p>










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<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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160; (1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">057)</font></font></p>










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<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Salaries and related charges</font></p>










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<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;"> (89)</font></p>










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<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;"> (96)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Taxes payable</font></p>










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<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;">(2)</font></p>










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<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;"> (38)</font></p>










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<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income and social contribution taxes payable</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(460)</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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(512)&#160;&#160; </font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other liabilities</font></p>










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<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;">168 </font></p>










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<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;"> (107)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition of CBios and carbon credits</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(245)</font></font></p>










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<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;"> (451)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payments of contractual assets with customers - exclusive rights</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(151)</font></font></p>










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<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;"> (196)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payment of contingencies</font></p>










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<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;"> (10)</font></p>










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<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;"> (31)</font></p>










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<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income and social contribution taxes paid</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(41)</font></font></p>










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<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;"> (136)</font></p>










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<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 cash provided (consumed) by 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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">921 </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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">725 </font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash generated (consumed) by discontinued operating activities</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #051273; line-height: inherit;">21</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="color: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-&#160;&#160; </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 cash generated (consumed) by 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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">942 </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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">725 </font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Cash flows from investing activities</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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments, net of redemptions</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">298 </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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160; (2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">086)</font></font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash provided by disposal of investments and property, plant and equipment</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(861)</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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (683)</font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital decrease in subsidiaries, associates and joint ventures</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;">74</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;">977 </font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash acquired in business combination</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(448)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 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;">(1,103)</font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash consumed in the purchase of investments and other assets</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,156</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; font-size: 10pt; line-height: inherit;">&#160; -</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 cash provided (consumed) by investing continued 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="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;">218 </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: #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;">&#160; (2</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">896)</font></font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash provided (consumed) by investing discontinued activities</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #051273; line-height: inherit;">(8) </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="color: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-&#160;&#160; </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: #8d8b8c !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 cash provided (consumed) by investing 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="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;">211 </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: #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;">&#160; (2</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">896)</font></font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Cash flows from financing activities</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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, financing and debentures</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;">&#160;</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;">&#160;</font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Proceeds</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">686 </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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">856 </font></font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Repayments</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">981)</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; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160; (1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">387)</font></font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest and derivatives (paid) or received</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(977)</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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (630)</font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payments of leases</font></p>










 </td>
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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










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<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;">&#160;</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Principal</font></p>










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<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;">(133)</font></p>










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<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;"> (139)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 20pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest paid</font></p>










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<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;">(69)</font></p>










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<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;"> (81)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends paid</font></p>










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<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;"> (498)</font></p>










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<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;"> (461)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Proceeds from financial liabilities of customers</font></p>










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<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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(0)</font></font></p>










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<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;">-&#160;&#160; </font></p>










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<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payments of financial liabilities of customers</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(69)</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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (82)</font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital increase made by non-controlling shareholders and redemption of shares</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">19 </font></font></p>










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<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;">&#160;&#160; 14 </font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share buyback for treasury</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">(244)</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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-&#160;&#160; </font></p>










 </td>










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<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Related parties</font></p>










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<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;">(5)</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;"> (13)</font></p>










 </td>










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<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 cash provided (consumed) by financing continued 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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">&#160; </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;">272)</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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 76 </font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash provided (consumed) by financing discontinued activities</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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13)</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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-&#160;&#160; </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 cash provided (consumed) by financing 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="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;">285)</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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 76 </font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Effect of exchange rate changes on cash and cash equivalents in foreign currency</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (41)</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; font-size: 10pt; line-height: inherit;">-&#160;&#160; </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;">Increase (decrease) in cash and cash equivalents continued 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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">826 </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: #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;">&#160; (2</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">095)</font></font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Increase (decrease) in cash and cash equivalents discontinued activities</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: #051273; 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-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; line-height: inherit;">-&#160;&#160; </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 and cash equivalents continued activities at the beginning of the period</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; 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;">072 </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: #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;">5</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">926 </font></font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents discontinued activities at the beginning of the period</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #051273; line-height: inherit;">11</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="color: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-&#160;&#160; </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 and cash equivalents continued activities at the end of the period</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; 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;">897 </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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">3</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">831 </font></font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents dis3continued activities at the end of the period</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #051273; line-height: inherit;">12</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="color: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-&#160;&#160; </font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Non-cash transactions</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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Addition on right-to-use assets and leases payable</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">156 </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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 98 </font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Addition on contractual assets with customers - exclusive rights</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">24 </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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 28 </font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reclassification between financial assets and investment in associates</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="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">7&#160;&#160; </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="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">645</font></p>










 </td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Issuance of shares related to the subscription warrants - indemnification - Extrafarma acquisition</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">-&#160;&#160; </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4 </font></p>










 </td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition of property, plant and equipment and intangible assets without cash effect</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; line-height: inherit;"><font style="color: #262626; line-height: inherit;">-&#160;&#160; </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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9 </font></p>










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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: left;"><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: left;"><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: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">88</font></font></td>








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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<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: 2px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















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</table>
<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;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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 Ultrapar's consolidated view).</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-size: 14.6667px; font-variant-ligatures: normal; font-variant-caps: normal; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;">R$ million</font></b></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: Calibri, sans-serif; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; 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;"></font></b></font></p>
<table cellspacing="0" cellpadding="0" style="height: 332px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; float: left;" width="100%">

<tr style="height: 10px;">
<td style="background-color: #00458c; vertical-align: middle; height: 10px;">
<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;"><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;">Employed capital</font></font></p>










 </td>
<td style="background-color: #8d8b8c; vertical-align: middle; height: 10px; 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="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Jun 25 </font></p>










 </td>
<td style="background-color: #8d8b8c; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important;">
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Jun 24 </font></p>










 </td>
<td style="background-color: #8d8b8c; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar 25</font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="vertical-align: bottom; height: 12px; width: 70%;">
<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;"><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; vertical-align: bottom; height: 12px; padding: 0px 7px; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; width: 10%;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">041 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">541 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">087 </font></font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">635 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">784 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">926 </font></font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">5</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">080 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">806 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">192 </font></font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">349 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 363 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 369 </font></p>










 </td>







</tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 10px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 10px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 331 </font></p>










 </td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 325 </font></p>










 </td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 329 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">566 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 820 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 593 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">554</font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 564 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 537 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">088 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">208 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">102 </font></font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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 (leases)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 835 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 845 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 884 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 133 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 63 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 141 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">298 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">205 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">302 </font></font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: top; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">153 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">147 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">191 </font></font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="vertical-align: middle; height: 12px; border-top-width: 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="font-size: 10pt; line-height: 1.2; 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; vertical-align: middle; height: 12px; padding: 0px 7px; border-top-width: 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="font-size: 10pt; line-height: 1.2; 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;">22</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">063 </font></font></p>










 </td>
<td style="vertical-align: middle; height: 12px; padding: 0px 7px; border-top-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="font-size: 10pt; line-height: 1.2; 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;">670 </font></font></p>










 </td>
<td style="vertical-align: middle; height: 12px; padding: 0px 7px; border-top-width: 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="font-size: 10pt; line-height: 1.2; 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;">653 </font></font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">628 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">314 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">198 </font></font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 192 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 205 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 195 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 226 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 267 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 221 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 122 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 101 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 126 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">178 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 193 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 93 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">4 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; 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="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; 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>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">469 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 467 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 416 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 698 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 679 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 730 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">122 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 244 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 151 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">56 </font></font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 147 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 96 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="background-color: #ffffff; padding: 0px 0px 0px 10px; vertical-align: bottom; height: 12px;">
<p style="font-size: 10pt; line-height: 1.2; 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; vertical-align: bottom; height: 12px; padding: 0px 7px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">699 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 592 </font></p>










 </td>
<td style="vertical-align: bottom; height: 12px; padding: 0px 7px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">605 </font></p>










 </td>







</tr>
<tr style="height: 12px;">
<td style="vertical-align: middle; height: 12px; border-top-width: 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="font-size: 10pt; line-height: 1.2; 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; vertical-align: middle; height: 12px; padding: 0px 7px; border-top-width: 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="font-size: 10pt; line-height: 1.2; 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;">395 </font></font></p>










 </td>
<td style="vertical-align: middle; height: 12px; padding: 0px 7px; border-top-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="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">7</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">210</font></font></p>










 </td>
<td style="vertical-align: middle; height: 12px; padding: 0px 7px; border-top-width: 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="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">5</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">833 </font></font></p>










 </td>







</tr>


















   </table>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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">89</font></font></td>







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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>
<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: 2px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















</tr>









































</table>
<p style="margin: 0pt;"><br></p>






</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p><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-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;">R$ million</font></b></font><b style="color: #000000; font-family: Calibri, sans-serif; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; 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;"></font></b></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 391px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.4%; height: 34px;">
<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="4" style="background-color: #00458c; 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-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>
<td colspan="2" style="background-color: #00458c; 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-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Year-to-date</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.52%; height: 17px; 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;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">25 </font></font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; height: 17px;">
<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;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24 </font></font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; height: 17px;">
<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;">25</font></font></p>










 </td>
<td colspan="2" style="background-color: #8d8b8c; 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; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">1</font><font style="color: #ffffff; line-height: inherit;">H</font><font style="color: #ffffff; line-height: inherit;">25</font></font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.42%; height: 17px; 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;">1</font><font style="color: #ffffff; line-height: inherit;">H</font><font style="color: #ffffff; 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; width: 52.4%; 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 revenues</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.52%; 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;">30</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">296 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; 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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">29</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">431 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; 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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">30</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">234 </font></font></p>










 </td>
<td colspan="2" 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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;"> 60</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">530 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.42%; 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;"> 57</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">124 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.4%; 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;">C</font><font style="color: #262626; line-height: inherit;">ost of products sold and service provided</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;"><font style="color: #262626; line-height: inherit;">(29</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">048)</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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: #262626; line-height: inherit;">(28</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">019)</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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: #262626; line-height: inherit;">(28</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">806)</font></font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;"> (57</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">854)</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;"><font style="color: #262626; line-height: inherit;"> (54</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">332)</font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.4%; 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;">Gross profit</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.52%; 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;"> 1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">248 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; 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; 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;">412 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; 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; 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;">429 </font></font></p>










 </td>
<td colspan="2" 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; 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;">677 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.42%; 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;">2</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">792 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.4%; height: 17px;">
<p style="margin: 0pt;"><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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">&#160;</font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; width: 52.4%; 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;">Selling and marketing</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;"> (485)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> (505)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> (452)</font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(936)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;">(939)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; width: 52.4%; 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;">General and administrative</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;"> (288)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> (325)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> (310)</font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(598)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;">(599)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.4%; 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;">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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;">34 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">36 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> 5 </font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 39 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;"> 73 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.4%; 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;">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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;"> 396 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> (109)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> (105)</font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">291 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;">(275)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.4%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.52%; 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;"> 904 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; 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; line-height: inherit;"> 509 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; 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; line-height: inherit;"> 568 </font></p>










 </td>
<td colspan="2" 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; 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;">472 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.42%; 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;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">053 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.4%; height: 17px;">
<p style="margin: 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;"> <font style="color: #262626; line-height: inherit;">(4)</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> (1)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> (2)</font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;">(3)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.4%; 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; 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.52%; 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;"> 1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">199 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; 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; line-height: inherit;"> 817 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; 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; line-height: inherit;"> 832 </font></p>










 </td>
<td colspan="2" 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; 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;">031 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.42%; 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;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">636 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; width: 52.4%; 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;">on-recurring</font><font style="color: #262626; line-height: inherit;">&#185;</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;"> (521)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">(36)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> (5)</font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(527)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;"> (73)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.4%; 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; 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.52%; 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;"> 678 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; 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; line-height: inherit;"> 781 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.54%; 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; line-height: inherit;"> 826 </font></p>










 </td>
<td colspan="2" 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; 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;">504 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.42%; 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;">1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">563 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.4%; 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;">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><font style="color: #262626; line-height: inherit;">&#178;</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;"> 299 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> 309 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> 266 </font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">565 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;">587 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.4%; height: 17px;">
<p style="margin: 0pt;"><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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; height: 17px;">
<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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; height: 17px;">
<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;">&#160;</font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.4%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;">218 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">241 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">256 </font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 237 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;"> 244 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.4%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;">158 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;"> 87 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">102 </font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 130 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;">92 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.4%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; font-style: italic; line-height: inherit;">Adjusted EBITDA margin</font><font style="color: #262626; font-style: italic; line-height: inherit;"> (R$/m&#179;)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;">209 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">140 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">149 </font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 180 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;"> 143 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.4%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;">118 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">133 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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;">148 </font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 133 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;"> 137 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.4%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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;"><font style="color: #262626; line-height: inherit;"> 5</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">826 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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: #262626; line-height: inherit;"> 5</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">876 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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: #262626; line-height: inherit;"> 5</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">847 </font></font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.4%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.52%; 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; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">072 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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; line-height: inherit;"><font style="color: #262626; line-height: inherit;">5</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">192 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.54%; 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; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">130 </font></font></p>










 </td>
<td colspan="2" style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.42%; 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>






</tr>

















   </table>
<p style="font-size: 7pt; 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: 7pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#185; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#178; Includes amortization with contractual assets with customers &#8211; exclusive rights</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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






</tr>













</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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>
<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: 2px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















</tr>









































</table>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><br></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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 Ultrapar's consolidated view).</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-size: 14.6667px; font-variant-ligatures: normal; font-variant-caps: normal; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;">R$ million</font></b></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: Calibri, sans-serif; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; 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;"></font></b></font></p>
<table cellspacing="0" cellpadding="0" style="height: 406px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; float: left;" 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: 29px;">
<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;">ULTRAGAZ </font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">&#8211;</font> <font style="color: #ffffff; font-weight: bold; line-height: inherit;">Employed capital</font> </font></p>










 </td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 29px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Jun 25 </font></p>










 </td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 29px; border-top-width: 1px; border-top-style: solid; border-top-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;"> Jun 24 </font></p>










 </td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 29px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar 25</font></p>










 </td>






</tr>
<tr style="height: 19px;"></tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 70%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating Assets</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; 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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%;">
<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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; 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;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Trade receivables</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">716 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">628 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">678 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">234 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">194 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">195 </font></p>










 </td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-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: 5.4pt; padding-right: 5.4pt; 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">224 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">137 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">220 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Recoverable income and social contribution</font><font style="color: #262626; line-height: inherit;"> taxes</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">26 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;&#160; 19 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 32 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Judicial deposits</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 47 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">719 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 48 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Deferred income and social contribution</font><font style="color: #262626; line-height: inherit;"> taxes</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">89 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">204 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 80 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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: #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: bottom; 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;">103 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">157 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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 assets</font> <font style="color: #262626; line-height: inherit;">(</font><font style="color: #262626; line-height: inherit;">leases</font><font style="color: #262626; line-height: inherit;">)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">184 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">149 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">147 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> 1 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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, net</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;"> 1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">572 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;"> 1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">479 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;"> 1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">575 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Intangible assets, net</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">325 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">274 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">327 </font></p>










 </td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total Operating Assets</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">3</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">576</font> </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;"> 3</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">908 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;"> 3</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">464 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">250 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">238 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">245 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">124 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">122 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">111 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Tax</font><font style="color: #262626; line-height: inherit;">es</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 24 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> 8 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 24 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Income and social contribution </font><font style="color: #262626; line-height: inherit;">taxes </font><font style="color: #262626; line-height: inherit;">payable</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">97 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;&#160; 86 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 35 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">D</font><font style="color: #262626; line-height: inherit;">eferred income and social contribution</font><font style="color: #262626; line-height: inherit;"> taxes</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">- </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 117 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">16 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">625 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 16 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">221 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">187 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">184 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">O</font><font style="color: #262626; line-height: inherit;">thers</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">144 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">186 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">199</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: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total Operating Liabilities</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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">976</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; 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;">453</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="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">932</font></p>










 </td>






</tr>

















   </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><br><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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">91</font></font></td>






</tr>













</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>






</div>
<p style="margin: 0pt;"><br></p>






</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<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: 2px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















</tr>









































</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: Calibri, sans-serif; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; 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;"><br></font></b></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; 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-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;">R$ million</font></b></font></p>
<table cellspacing="0" cellpadding="0" style="height: 363px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px;">
<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;">ULTRAGAZ - </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">Quarter</font> </font></p>










 </td>
<td colspan="3" style="background-color: #00458c; 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-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Year-to-date</font></p>










 </td>






</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; 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;">
<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;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24 </font></font></p>










 </td>
<td colspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<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;">25</font></font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">1</font><font style="color: #ffffff; line-height: inherit;">H</font><font style="color: #ffffff; 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-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;">1</font><font style="color: #ffffff; line-height: inherit;">H</font><font style="color: #ffffff; 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="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: 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; 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;">127 </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; 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;">694 </font></font></p>










 </td>
<td colspan="2" 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; 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;">863 </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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">&#160;&#160; 5</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">990 </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: #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;">&#160;&#160; 5</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">194 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">C</font><font style="color: #262626; line-height: inherit;">ost of products sold and service provided</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;"> (2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">548)</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;"> (2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">168)</font></font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;"> (2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">328)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;"> (4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">876)</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;"> (4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">153)</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;">Gross profit</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;">579 </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; line-height: inherit;">526 </font></p>










 </td>
<td colspan="2" 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; line-height: inherit;">536 </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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">&#160;&#160; 1</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">114 </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: #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;">&#160;&#160; 1</font><font style="color: #00458c; line-height: inherit;">,</font><font style="color: #00458c; line-height: inherit;">041 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><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: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;</font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;">Selling and marketing</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; (162)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;&#160; (138)</font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;&#160; (149)</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(312)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(269)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 21px; vertical-align: bottom; 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;">General and administrative</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; (101)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> (90)</font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> (99)</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(199)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(170)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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="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: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">(17)</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> 1 </font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">(0)</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; (17)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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="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: 5.4pt; padding-right: 5.4pt; 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: #262626; 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: bottom; 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;">&#160;&#160; 20 </font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;&#160; 16 </font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25</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;">Operating 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;">301 </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; line-height: inherit;">320 </font></p>










 </td>
<td colspan="2" 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; line-height: inherit;">303 </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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">604</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: #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;">628</font> </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 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: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">1 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> 0 </font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> 0 </font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; 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: 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: #262626; 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;">
<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">MTM of energy futures contracts</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">42 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">-&#160;&#160; </font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">(9)</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> -&#160;&#160; </font></p>










 </td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #00458c !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Adjusted </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">EBITDA<font style="font-size: 8pt;"><sup>1</sup></font></font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">442 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">414 </font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">393 </font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">835</font> </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #00458c !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #00458c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; line-height: inherit;">&#160; </font><font style="color: #00458c; line-height: inherit;">815</font> </font></p>










 </td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">N</font><font style="color: #262626; line-height: inherit;">on-recurring<font style="font-size: 8pt;"><sup>2</sup></font></font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-&#160;&#160; </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (17)</font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">-&#160;&#160; </font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> -&#160;&#160; </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; (17)</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; 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 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="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">442 </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; line-height: inherit;">397 </font></p>










 </td>
<td colspan="2" 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; line-height: inherit;">393 </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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">835</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: #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;">797</font> </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;&#160; </font><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>3</sup></font></font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;&#160; 99 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;&#160; 94 </font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160;&#160; 98 </font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 197 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 187 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">RATIOS</font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<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;">&#160;</font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; line-height: inherit;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><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: 5.4pt; padding-right: 5.4pt; 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;"><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;">339 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"><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;">206 </font></font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"><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;">318 </font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160; 1</font><font style="color: #262626; font-style: italic; line-height: inherit;">,</font><font style="color: #262626; font-style: italic; line-height: inherit;">329 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160; 1</font><font style="color: #262626; font-style: italic; line-height: inherit;">,</font><font style="color: #262626; font-style: italic; line-height: inherit;">242 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><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: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">696 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">732 </font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">746 </font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 720 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 748 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; font-style: italic; line-height: inherit;">Adjusted EBITDA margin</font><font style="color: #262626; font-style: italic; line-height: inherit;"> (R$/m&#179;)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: 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;"><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;">023 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">948 </font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">967 </font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 996 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 972 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><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: 5.4pt; padding-right: 5.4pt; 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;"><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;">023 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">909 </font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">967 </font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 996 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"> 951 </font></p>










 </td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;"> 3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">690</font> </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;"> 3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">602 </font></font></p>










 </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;"> 3</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">736 </font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>






</tr>

















   </table>
<p style="font-size: 7pt; 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: 7pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#185; Includes contribution from the results of new energies </font></p>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#178; 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;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#179; Includes amortization with contractual assets with customers - exclusive rights</font></p>
<p style="font-size: 7pt; 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">92</font></font></td>






</tr>













</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br></p>
<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: 2px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















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</table>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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 Ultrapar's consolidated view).</font></p>
<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;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; 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-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;">R$ million</font></b></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; float: left; height: 402.99px;" width="100%">

<tr style="height: 0px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18.9896px;">
<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;">ULTRACARGO - </font><font style="color: #ffffff; font-weight: bold; line-height: inherit;"> Employed capital</font></font></p>










 </td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18.9896px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Jun 25 </font></p>










 </td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18.9896px; border-top-width: 1px; border-top-style: solid; border-top-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;"> Jun 24 </font></p>










 </td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18.9896px; border-top-width: 1px; border-top-style: solid; border-top-color: #8d8b8c !important; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar 25</font></p>










 </td>






</tr>
<tr style="height: 18.9896px;"></tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 70%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating Assets</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Trade receivables</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">&#160; </font><font style="color: #262626; line-height: inherit;">59 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 44 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 44 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 13 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 12 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 14 </font></p>










 </td>






</tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Taxes</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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="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: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Recoverable income and social contribution taxes</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">&#160; </font><font style="color: #262626; line-height: inherit;">29 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 40 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 49 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Judicial deposits</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">9 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">&#160; </font><font style="color: #262626; line-height: inherit;">37 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 46 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 36 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Others</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 33 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 50 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 38 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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 assets</font> <font style="color: #262626; line-height: inherit;">(leases)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">598 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">611 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">606 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">239 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">216 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">217 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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, net</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">375 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">836 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">2</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">296 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Intangible assets, net</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">287 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">284 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">283 </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;">Total Operating Assets</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; 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;">680 </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; 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;">154 </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: #00458c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">3</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">592 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 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: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 69 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 87 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 71 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 36 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 37 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 34 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Tax</font><font style="color: #262626; line-height: inherit;">es</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 14 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 18 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 15 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Income and social contribution</font><font style="color: #262626; line-height: inherit;"> taxes</font><font style="color: #262626; line-height: inherit;"> payable</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">&#160; </font><font style="color: #262626; line-height: inherit;">18 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 21 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 33 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">D</font><font style="color: #262626; line-height: inherit;">eferred income and social contribution</font><font style="color: #262626; line-height: inherit;"> taxes</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">&#160; </font><font style="color: #262626; line-height: inherit;">(0) </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">-</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(0) </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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;"><font style="color: #262626; line-height: inherit;">28 </font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 30 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 28 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">548 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">552 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">560 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">O</font><font style="color: #262626; line-height: inherit;">thers</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 23 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;">&#160; 50 </font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 23 </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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">Total Operating </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">Liabilities</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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">736</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; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">794</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: #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;">765</font></p>










 </td>






</tr>

















   </table>
<p style="font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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">93</font></font></td>






</tr>













</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<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>
<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: 2px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















</tr>









































</table>
<p style="font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: Calibri, sans-serif; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; 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;"><br></font></b></font></p>
<p style="font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; 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-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;">R$ million</font></b></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: Calibri, sans-serif; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; 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;"></font></b></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; float: left; font-family: 'times new roman'; font-size: 10pt; height: 336px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 57.48%; height: 27px;">
<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;">ULTRACARGO - </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">Quarter</font> </font></p>










 </td>
<td colspan="2" style="background-color: #00458c; 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-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Year-to-date</font></p>










 </td>






</tr>
<tr style="height: 10px;">
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.7%; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">25 </font></font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.62%; height: 10px;">
<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;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">24 </font></font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.72%; height: 10px;">
<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;">25</font></font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9%; height: 10px;">
<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;">H</font><font style="color: #ffffff; line-height: inherit;">25</font></font></p>










 </td>
<td style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.48%; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; line-height: inherit;">1</font><font style="color: #ffffff; line-height: inherit;">H</font><font style="color: #ffffff; 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; width: 57.48%; 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 revenues</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.7%; 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;">247</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.62%; 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="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">264</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.72%; 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; line-height: inherit;">271</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9%; 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;">517</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.48%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">527</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57.48%; 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;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">C</font><font style="color: #262626; line-height: inherit;">ost of service provided</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; 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;">(104)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; 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;">(96)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; 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;">(103)</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; 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;">(208)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; 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;">(188)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 57.48%; 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;">Gross profit</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.7%; 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;">142</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.62%; 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="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">168</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.72%; 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; line-height: inherit;">167</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9%; 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;">310</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.48%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">339</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57.48%; height: 17px;">
<p style="margin: 0pt;"><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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; 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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; 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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; 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;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; 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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; 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;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 10px;">
<td style="background-color: rgb(255, 255, 255); padding: 0px 7px 0px 21px; vertical-align: bottom; width: 57.48%; height: 10px;">
<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;">Selling and marketing</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2)</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: rgb(255, 255, 255); padding: 0px 7px 0px 21px; vertical-align: bottom; width: 57.48%; 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;">General and administrative</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; 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;">(43)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; 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;">(42)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; 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;">(40)</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; 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;">(82)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; 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;">(85)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 57.48%; 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;">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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; 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;">(0)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; 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;">0</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; 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;">0</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; 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;">0</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; 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;">0</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 57.48%; 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;">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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; 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;">5</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; 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;">3</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; 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;">2</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; 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;">7</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; 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;">5</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 57.48%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.7%; 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;">102</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.62%; 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="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">127</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.72%; 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; line-height: inherit;">128</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9%; 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;">230</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.48%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">254</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57.48%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-weight: bold; line-height: inherit;">Total </font><font style="color: #262626; font-weight: bold; line-height: inherit;">share of profit (loss) of subsidiaries, joint ventures and associates</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.7%; 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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.62%; 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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.72%; 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;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9%; 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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.48%; 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;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 57.48%; 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;">Share of profit (loss) of subsidiaries, joint ventures and associates</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.7%; 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;">1</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.62%; 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;">1</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.72%; 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;">1</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9%; 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; width: 10.48%; 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;">2</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 57.48%; 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;">Amortization of fair value adjustments on associates acquisition</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.7%; 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;">(0)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.62%; 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;">(2)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.72%; 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;">(0)</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9%; 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;">(1)</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.48%; 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;">(2)</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 57.48%; 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; 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.7%; 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;">141</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.62%; 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="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">165</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 7.72%; 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; line-height: inherit;">166</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9%; 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;">307</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.48%; 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: 'times new roman', times; font-size: 10pt; line-height: inherit;">330</font></p>










 </td>






</tr>
<tr style="height: 10px;">
<td style="background-color: rgb(255, 255, 255); padding: 0px 7px 0px 21px; vertical-align: bottom; width: 57.48%; height: 10px;">
<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;">Depreciation and amortization&#185;</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57.48%; 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: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; 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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; height: 17px;">
<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;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; height: 17px;">
<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;">&#160;</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; 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: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; 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;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57.48%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; font-style: italic; line-height: inherit;">Gross margin</font><font style="color: #262626; font-style: italic; line-height: inherit;"> (</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font><font style="color: #262626; font-style: italic; line-height: inherit;">)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">57</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">7%</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; 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: #262626; font-style: italic; line-height: inherit;">63</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">7%</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; 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: #262626; font-style: italic; line-height: inherit;">61</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">8%</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">59</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">9%</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">64</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">4%</font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57.48%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; font-style: italic; line-height: inherit;">Operating margin</font><font style="color: #262626; font-style: italic; line-height: inherit;">(</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font><font style="color: #262626; font-style: italic; line-height: inherit;">)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">41</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">4%</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; 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: #262626; font-style: italic; line-height: inherit;">48</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">2%</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; 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: #262626; font-style: italic; line-height: inherit;">47</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">2%</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">44</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">4%</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">48</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">2%</font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57.48%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; font-style: italic; line-height: inherit;">Adjusted EBITDA margin</font><font style="color: #262626; font-style: italic; line-height: inherit;"> (</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font><font style="color: #262626; font-style: italic; line-height: inherit;">)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">57</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">1%</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; 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: #262626; font-style: italic; line-height: inherit;">62</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">6%</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; 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: #262626; font-style: italic; line-height: inherit;">61</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">4%</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">59</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">3%</font></font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">62</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">7%</font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57.48%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.7%; 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">849</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.62%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">836</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 7.72%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">846</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10.48%; 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="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










 </td>






</tr>

















   </table>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#185; Includes amortization of fair value adjustments on associates acquisition</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</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">94</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>






</div>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br></p>
<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: 2px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















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</table>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances of Hidrovias reflect the effects of the business combination, including the fair value adjustments of assets and liabilities. The income statement includes the results for April, May, and June from Hidrovias, as disclosed to the market and available on the company&#8217;s Investor Relations website.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-size: 14.6667px; font-variant-ligatures: normal; font-variant-caps: normal; 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; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;">R$ million</font></b></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: Calibri, sans-serif; font-size: 14.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; 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;"></font></b></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 410.333px;" width="100%">

<tr style="height: 0px;">
<td rowspan="2" style="background-color: #00458c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19.3333px;">
<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;">HIDROVIAS</font> <font style="color: #ffffff; font-weight: bold; line-height: inherit;">&#8211;</font> <font style="color: #ffffff; font-weight: bold; line-height: inherit;">Employed Capital</font></font></p>










 </td>
<td rowspan="2" style="background-color: #8d8b8c; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 19.3333px; 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;"> Jun 25 </font></p>










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<tr style="height: 19.3333px;"></tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 90%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating Assets</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; height: 17px; 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;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Trade receivables</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">228 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 173 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Taxes</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Recoverable income and social contribution taxes</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">206 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Judicial deposits</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">91 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">132 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Others</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">250 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Right-of-use</font><font style="color: #262626; line-height: inherit;"> assets (leases)</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 317 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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, net</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">4</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">571 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Intangible assets, net</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">786 </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;">Total Operating Assets</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-bottom: 1px solid #00458c; border-top: 1px solid #00458c; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #00458c; font-weight: bold; line-height: inherit;">7</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">,</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">8</font><font style="color: #00458c; font-weight: bold; line-height: inherit;">22</font> </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #051273; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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</font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 135 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">58 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Tax</font><font style="color: #262626; line-height: inherit;">es</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">78 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">Income and social contribution</font><font style="color: #262626; line-height: inherit;"> taxes</font><font style="color: #262626; line-height: inherit;"> payable</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">59 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">D</font><font style="color: #262626; line-height: inherit;">eferred income and social contribution</font><font style="color: #262626; line-height: inherit;"> taxes</font></font></p>










 </td>
<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">620 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">35 </font></font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 275 </font></p>










 </td>






</tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; 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;">O</font><font style="color: #262626; line-height: inherit;">thers<font style="font-size: 8pt;"><sup>1</sup></font></font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 132 </font></p>










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<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 Operating </font><font style="color: #00458c; font-weight: bold; line-height: inherit;">Liabilities</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;"><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;">394 </font></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;">&#160;</font></p>
<p style="font-size: 4pt; line-height: 1.2; margin: 0pt; text-align: left;"><br></p>
<div>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">95</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="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;">&#160;</font></p>
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<td style="width: 55.9738%; height: 10px; vertical-align: middle; border-bottom-width: 2px; 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;">2Q25</font></td>
<td style="height: 10px; width: 43.9853%; vertical-align: middle; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: #000080 !important;" valign="middle"><img src="c9fdb4457f632a8ffa89.jpg" style="float: right;;height:60;width:140;" alt="Graphics"></td>




















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<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: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; 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-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font lang="EN-US" style="font-size: 10pt; line-height: 14.2667px; color: #00458c;">R$ million</font></b></font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-weight: bold; line-height: inherit;">HIDROVIAS</font><font style="color: #ffffff; font-weight: bold; line-height: inherit;"> - </font><font style="color: #ffffff; font-weight: bold; line-height: inherit;">Income statement</font></font></p>










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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <font style="color: #ffffff; line-height: inherit;">Quarter</font></font></p>










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<td style="background-color: #8d8b8c; 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; 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;"> 2</font><font style="color: #ffffff; line-height: inherit;">Q</font><font style="color: #ffffff; line-height: inherit;">25 </font></font></p>










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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 90%; border-top-width: 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 Revenue</font></p>










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<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;"> 684 </font></p>










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<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net operating revenue</font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 690 </font></p>










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<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Hedge accounting</font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6)</font></p>










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<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operating costs</font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(300)</font></p>










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<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation and amortization (costs)</font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(85)</font></p>










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<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>










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<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;"> 300 </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating expenses</font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>










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<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;">Selling and marketing</font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (55)</font></p>










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<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;">General and administrative</font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8)</font></p>










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<p style="margin: 0pt; text-indent: 20pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Estimate of expected losses</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;"><font style="color: #262626; line-height: inherit;">-&#160;&#160; </font></font></p>










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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">Result</font><font style="color: #262626; line-height: inherit;">s from disposal of assets</font></font></p>










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<td style="background-color: #d9e5f1; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #8d8b8c !important; border-left-width: 1px; border-left-style: solid; border-left-color: #8d8b8c !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#160; </font><font style="color: #262626; line-height: inherit;">(48)</font></font></p>










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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">O</font><font style="color: #262626; line-height: inherit;">ther operating income (expenses), net</font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4 </font></p>










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<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>










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<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-bottom: 1px solid #00458c; border-top: 1px solid #00458c; border-right-width: 1px; border-right-style: solid; border-right-color: #00458c;">
<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;"> 192 </font></p>










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<p style="margin: 0pt;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share of profit (loss) </font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13 </font></p>










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<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>










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<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;"> 304 </font></p>










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<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><font style="color: #262626; line-height: inherit;">&#185;</font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (44)</font></p>










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<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; 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>










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<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;"> 348 </font></p>










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<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;">&#160;&#160; </font><font style="color: #262626; line-height: inherit;">Depreciation and amortization</font></font></p>










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<p style="margin: 0pt; text-align: right;"><font style="color: #262626; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">93 </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;">RATIOS</font></p>










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<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;">&#160;</font></p>










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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; font-style: italic; line-height: inherit;">Gross margin</font><font style="color: #262626; font-style: italic; line-height: inherit;"> (</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font><font style="color: #262626; font-style: italic; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">43</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">8%</font></font></p>










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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; font-style: italic; line-height: inherit;">Operating margin</font><font style="color: #262626; font-style: italic; line-height: inherit;">(</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font><font style="color: #262626; font-style: italic; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">28</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">1%</font></font></p>










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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; font-style: italic; line-height: inherit;">&#160;&#160; </font><font style="color: #262626; font-style: italic; line-height: inherit;">Adjusted EBITDA margin</font><font style="color: #262626; font-style: italic; line-height: inherit;"> (</font><font style="color: #262626; font-style: italic; line-height: inherit;">%</font><font style="color: #262626; font-style: italic; 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;"><font style="color: #262626; font-style: italic; line-height: inherit;">44</font><font style="color: #262626; font-style: italic; line-height: inherit;">.</font><font style="color: #262626; font-style: italic; line-height: inherit;">4%</font></font></p>










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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">N</font><font style="color: #262626; line-height: inherit;">umber of employees</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;"><font style="color: #262626; line-height: inherit;">1</font><font style="color: #262626; line-height: inherit;">,</font><font style="color: #262626; line-height: inherit;">839 </font></font></p>










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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #262626; line-height: inherit;">&#185; </font><font style="color: #262626; line-height: inherit;">Non-recurring items described in the EBITDA calculation table &#8211; page </font><font style="color: #262626; line-height: inherit;">2</font></font></p>










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  </div><div id="D7qu841293favhf1a27rk5" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt; line-height: 1.2; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<div style="width: 8.5in; margin: 0 auto;">
<p style="margin: 0pt; line-height: 1.2; text-align: left;"><br></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="letter-spacing: 0pt; line-height: inherit;">(</font><font style="letter-spacing: 0pt; line-height: inherit;">Meeting of the Minutes of the Board of Directors&#8217; Meeting, held on </font><font style="letter-spacing: 0pt; line-height: inherit;">August 13</font><font style="letter-spacing: 0pt; line-height: inherit;">, 2025</font><font style="letter-spacing: 0pt; line-height: inherit;">)</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<h2 style="font-size: 9pt; line-height: 150%; margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; letter-spacing: 0pt; line-height: inherit;">Publicly</font> <font style="font-weight: bold; letter-spacing: 0pt; line-height: inherit;">Traded</font><font style="font-weight: bold; letter-spacing: 0pt; line-height: inherit;"> Company</font></font></h2>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
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<p style="font-size: 9pt; line-height: 150%; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">CNPJ n&#186; 33.256.439/0001-39</font></p>









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<p style="font-size: 9pt; line-height: 150%; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">NIRE 35.300.109.724</font></p>









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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<div style="font-size: 9pt; 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="BJK3_1372025214136594"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS</font></a></div>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">Date, Hour and Place: </font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="letter-spacing: 0pt; line-height: inherit;">August 13</font><font style="letter-spacing: 0pt; line-height: inherit;">, 2025, at 10:00 a.m., at ULTRAPAR PARTICIPA&#199;&#213;ES S.A. (&#8220;Company&#8221;) headquarters, located at Brigadeiro Lu&#237;s Ant&#244;nio Avenue, Nr. 1.343, 9th floor, in the City and State of S&#227;o Paulo, also contemplating participation through Microsoft Teams. </font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">Members in attendance: </font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: 0pt; line-height: inherit;">(i) Members of the Board of Directors undersigned; (ii) the Secretary of the Board of Directors, Ms. Denize Sampaio Bicudo</font><font style="letter-spacing: 0pt; line-height: inherit;">; (iii)</font><font style="letter-spacing: 0pt; line-height: inherit;"> Chief Executive Officer, Mr. Rodrigo de Almeida Pizzinatto; (iv) Chief Financial and Investor Relations Officer, Mr. Alexandre Mendes Palhares; </font><font style="letter-spacing: 0pt; line-height: inherit;">and </font><font style="letter-spacing: 0pt; line-height: inherit;">(v) </font><font style="letter-spacing: 0pt; line-height: inherit;">Chief Executive Officers </font><font style="letter-spacing: 0pt; line-height: inherit;">of the Company</font><font style="letter-spacing: 0pt; line-height: inherit;">&#8217;s b</font><font style="letter-spacing: 0pt; line-height: inherit;">usinesses, Mrs. D&#233;cio de Sampaio Amaral,</font><font style="letter-spacing: 0pt; line-height: inherit;"> Fulvius Tomelin,</font><font style="letter-spacing: 0pt; line-height: inherit;"> Leonardo </font><font style="letter-spacing: 0pt; line-height: inherit;">Remi&#227;o</font><font style="letter-spacing: 0pt; line-height: inherit;"> Linden and Tabajara Bertelli Costa. </font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">Matter discussed and resolution:</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">&#160;</font><font style="font-size: 10pt; letter-spacing: 0pt;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit; list-style-position: inside; text-align: justify; text-indent: 0pt; margin: 0pt !important;"><font style="line-height: inherit;">1.&#160; &#160; &#160; &#160; &#160;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">After having analyzed and discussed the performance of the Company in the second quarter of the current fiscal year, the respective financial statements were approved.</font></font></font></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit; list-style-position: inside; text-align: justify; text-indent: 0pt; margin: 0pt !important;"><font style="line-height: inherit;"><br></font></font></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit; list-style-position: inside; text-indent: 0pt; margin: 0pt !important;"><font style="line-height: inherit;">2.  </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="letter-spacing: 0pt; line-height: inherit;">&#8220;Ad referendum&#8221; of the Annual General Shareholders&#8217; Meeting that will analyze the balance sheet and financial statements of the fiscal year of 202</font><font style="letter-spacing: 0pt; line-height: inherit;">5</font><font style="letter-spacing: 0pt; line-height: inherit;">, the Board of Directors approved the distribution of interim dividends in the total amount of R$</font><font style="letter-spacing: 0pt; line-height: inherit;"> 326,005,092.60</font><font style="letter-spacing: 0pt; line-height: inherit;"> (</font><font style="letter-spacing: 0pt; line-height: inherit;">three</font><font style="letter-spacing: 0pt; line-height: inherit;"> hundred and </font><font style="letter-spacing: 0pt; line-height: inherit;">twenty-six</font><font style="letter-spacing: 0pt; line-height: inherit;"> million, </font><font style="letter-spacing: 0pt; line-height: inherit;">five</font><font style="letter-spacing: 0pt; line-height: inherit;"> thousand, nine</font><font style="letter-spacing: 0pt; line-height: inherit;">ty-two</font><font style="letter-spacing: 0pt; line-height: inherit;"> Reais and </font><font style="letter-spacing: 0pt; line-height: inherit;">sixty</font><font style="letter-spacing: 0pt; line-height: inherit;"> cents of Real). The holders of common shares of the Company </font><font style="letter-spacing: 0pt; line-height: inherit;">are entitled to receive R$ 0.</font><font style="letter-spacing: 0pt; line-height: inherit;">30</font><font style="letter-spacing: 0pt; line-height: inherit;"> (</font><font style="letter-spacing: 0pt; line-height: inherit;">thirty</font><font style="letter-spacing: 0pt; line-height: inherit;"> cents of Real) per share, excluding the shares held in the treasury account </font><font style="letter-spacing: 0pt; line-height: inherit;">at</font><font style="letter-spacing: 0pt; line-height: inherit;"> this date. </font></font></div>
<p style="margin: 0pt 0pt 0pt 35.4pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit; list-style-position: inside; text-indent: 0pt; margin: 0pt !important;"><font style="line-height: inherit;">3.  </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="letter-spacing: 0pt; line-height: inherit;">It has also been determined that dividends declared herein will be paid as of August 2</font><font style="letter-spacing: 0pt; line-height: inherit;">9</font><font style="letter-spacing: 0pt; line-height: inherit;">, </font><font style="letter-spacing: 0pt; line-height: inherit;">202</font><font style="letter-spacing: 0pt; line-height: inherit;">5</font><font style="letter-spacing: 0pt; line-height: inherit;"> onwards, with no remuneration or monetary adjustment. The record date to establish the right to receive the approved dividends will be August </font><font style="letter-spacing: 0pt; line-height: inherit;">2</font><font style="letter-spacing: 0pt; line-height: inherit;">1, </font><font style="letter-spacing: 0pt; line-height: inherit;">202</font><font style="letter-spacing: 0pt; line-height: inherit;">5</font><font style="letter-spacing: 0pt; line-height: inherit;"> in Brazil and August </font><font style="letter-spacing: 0pt; line-height: inherit;">25</font><font style="letter-spacing: 0pt; line-height: inherit;">, </font><font style="letter-spacing: 0pt; line-height: inherit;">202</font><font style="letter-spacing: 0pt; line-height: inherit;">5</font><font style="letter-spacing: 0pt; line-height: inherit;"> in the United States of America. The shares of the Company will be traded &#8220;ex-dividend&#8221; on the S&#227;o Paulo Stock Exchange (B3 S.A. &#8211; Brasil, Bolsa, </font><font style="letter-spacing: 0pt; line-height: inherit;">Balc&#227;o</font><font style="letter-spacing: 0pt; line-height: inherit;">) from August </font><font style="letter-spacing: 0pt; line-height: inherit;">22</font><font style="letter-spacing: 0pt; line-height: inherit;">, </font><font style="letter-spacing: 0pt; line-height: inherit;">202</font><font style="letter-spacing: 0pt; line-height: inherit;">5</font><font style="letter-spacing: 0pt; line-height: inherit;"> and on the New York Stock Exchange (NYSE) from August </font><font style="letter-spacing: 0pt; line-height: inherit;">25</font><font style="letter-spacing: 0pt; line-height: inherit;">, </font><font style="letter-spacing: 0pt; line-height: inherit;">20</font><font style="letter-spacing: 0pt; line-height: inherit;">25</font><font style="letter-spacing: 0pt; line-height: inherit;"> onwards. </font></font></div>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit; list-style-position: inside; text-indent: 0pt; margin: 0pt !important;"><font style="line-height: inherit;">4.  </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;">&#160; &#160; &#160; &#160;&#160;</font><font style="letter-spacing: 0pt; line-height: inherit;">The members of the Board of Directors of the Company confirmed the issuance of </font><font style="letter-spacing: 0pt; line-height: inherit;">342,691</font><font style="letter-spacing: 0pt; line-height: inherit;"> (</font><font style="letter-spacing: 0pt; line-height: inherit;">three hundred and forty</font><font style="letter-spacing: 0pt; line-height: inherit;">-</font><font style="letter-spacing: 0pt; line-height: inherit;">two</font><font style="letter-spacing: 0pt; line-height: inherit;"> thousand, </font><font style="letter-spacing: 0pt; line-height: inherit;">six</font><font style="letter-spacing: 0pt; line-height: inherit;"> hundred and </font><font style="letter-spacing: 0pt; line-height: inherit;">ninety-one</font><font style="letter-spacing: 0pt; line-height: inherit;">) common shares within the limits of the authorized capital stock pursuant to Article 6 of the Company&#8217;s Bylaws, due to partial exercise of the subscription warrants issued by the Company as of the approval of the merger of shares issued by </font><font style="letter-spacing: 0pt; line-height: inherit;">Imifarma</font> <font style="letter-spacing: 0pt; line-height: inherit;">Produtos</font> <font style="letter-spacing: 0pt; line-height: inherit;">Farmac&#234;uticos</font><font style="letter-spacing: 0pt; line-height: inherit;"> e </font><font style="letter-spacing: 0pt; line-height: inherit;">Cosm&#233;ticos</font><font style="letter-spacing: 0pt; line-height: inherit;"> S.A. by the Company, approved on the Extraordinary General Shareholders&#8217; Meeting held on January 31, 2014. The management of the Company shall provide the necessary subscription bulletins for signing and formalization of the new shares&#8217; subscription by the referred subscription warrants holders. The common shares will have the same rights assigned to the other shares previously issued by the Company. The Company&#8217;s capital stock will be represented by 1,115,</font><font style="letter-spacing: 0pt; line-height: inherit;">849,873</font><font style="letter-spacing: 0pt; line-height: inherit;"> (one billion, one hundred fifteen million, </font><font style="letter-spacing: 0pt; line-height: inherit;">eight hundred forty-nine</font><font style="letter-spacing: 0pt; line-height: inherit;"> thousand,</font><font style="letter-spacing: 0pt; line-height: inherit;"> eight hundred and seventy-</font><font style="letter-spacing: 0pt; line-height: inherit;">three) common shares, all of them nominative with no par value. The adaptation of Article 5 of the Company&#8217;s Bylaws to reflect the new number of shares in which the capital stock of the Company is divided shall be subject to a resolution of the Extraordinary General Shareholders&#8217; Meeting, to be called in due course. </font></font></div>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">Notes: </font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">The resolutions were approved, with no amendments or qualifications, by all Board members. </font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; letter-spacing: 0pt; 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></p>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; letter-spacing: 0pt; line-height: inherit;">MARCOS MARINHO LUTZ &#8211; </font><font style="letter-spacing: 0pt; line-height: inherit;">Chairman</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; letter-spacing: 0pt; line-height: inherit;">J</font><font style="font-weight: bold; letter-spacing: 0pt; line-height: inherit;">ORGE MARQUES DE TOLEDO CAMARGO &#8211; </font><font style="letter-spacing: 0pt; line-height: inherit;">Vice-Chariman</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">FRANCISCO DE S&#193; NETO</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">FABIO VENTURELLI</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">FL&#193;VIA BUARQUE DE ALMEIDA</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">JOS&#201; MAURICIO PEREIRA COELHO</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">MARCELO FARIA DE LIMA</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">PETER PAUL LOREN&#199;O ESTERMANN</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">V&#194;NIA MARIA LIMA NEVES</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; letter-spacing: 0pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; letter-spacing: 0pt; line-height: inherit;">DENIZE SAMPAIO BICUDO &#8211; </font><font style="letter-spacing: 0pt; line-height: inherit;">Secretary of the Meeting</font></font></p>
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<font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</font></font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; text-align: center;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; text-align: center;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#TOC" name="BJK4_1372025214157707"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">NOTICE TO SHAREHOLDERS</font></font></a>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><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; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Distribution of dividends</font></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">S&#227;o Paulo, </font><font style="font-size: 10pt; line-height: inherit;">August</font> <font style="font-size: 10pt; line-height: inherit;">13</font><font style="font-size: 10pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;"> &#8211; Ultrapar Participa&#231;&#245;es S.A. informs that the Board of Directors, at the meeting held today, approved the distribution of dividends in the amount of R$ </font><font style="font-size: 10pt; line-height: inherit;">326</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">005</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">092</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">60</font><font style="font-size: 10pt; line-height: inherit;">, equivalent to R$ 0.</font><font style="font-size: 10pt; line-height: inherit;">30</font><font style="font-size: 10pt; line-height: inherit;"> per common share, to be paid from </font><font style="font-size: 10pt; line-height: inherit;">August</font> <font style="font-size: 10pt; line-height: inherit;">29</font><font style="font-size: 10pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">, onwards, without remuneration or monetary adjustment.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The record date that establishes the right to receive the dividend will be </font><font style="font-size: 10pt; line-height: inherit;">August</font> <font style="font-size: 10pt; line-height: inherit;">21</font><font style="font-size: 10pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">, in Brazil, and </font><font style="font-size: 10pt; line-height: inherit;">August</font> <font style="font-size: 10pt; line-height: inherit;">25</font><font style="font-size: 10pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">, in the United States. Therefore, the shares will be traded "ex-dividend" from </font><font style="font-size: 10pt; line-height: inherit;">August</font> <font style="font-size: 10pt; line-height: inherit;">22</font><font style="font-size: 10pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">, onwards on the S&#227;o Paulo Stock Exchange (B3), and from </font><font style="font-size: 10pt; line-height: inherit;">August</font> <font style="font-size: 10pt; line-height: inherit;">25</font><font style="font-size: 10pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">, onwards on the New York Stock Exchange (NYSE). </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The number of shares considered to calculate the dividend per share considers the issuance of </font><font style="font-size: 10pt; line-height: inherit;">342,691</font><font style="font-size: 10pt; line-height: inherit;"> common shares, as approved by the Board of Directors on this date</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Alexandre Mendes Palhares</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Chief Financial and Investor Relations Officer Ultrapar Participa&#231;&#245;es S.A.</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;">SIGNATURES</font>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt; 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: 115%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Date: August 13, 2025&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</font></p>
<table style="height: 68px; width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 51.5957%; height: 17px;"><br></td>
<td style="width: 48.0243%; height: 17px;" colspan="2"><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><br></td>













      </tr>
<tr style="height: 17px;">
<td style="width: 51.5957%; height: 17px;"><br></td>
<td style="width: 3.02432%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><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;">By:</font></td>
<td style="width: 45%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><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; float: none; display: inline !important;">/s/ Alexandre Mendes Palhares</font></font></td>













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<td style="width: 51.5957%; height: 17px;"><br></td>
<td style="width: 3.02432%; 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: 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:</font></td>
<td style="width: 45%; 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; 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;">Alexandre Mendes Palhares</font></font></td>













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<td style="width: 51.5957%; height: 17px;"><br></td>
<td style="width: 3.02432%; 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: 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:</font></td>
<td style="width: 45%; 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: 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;">Chief Financial and Investor Relations Officer</font></td>













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<p style="font-size: 9pt; line-height: 115%;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic;"><br></font></p>
<p style="font-size: 9pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-style: italic;">(</font><font style="font-style: italic;">Minutes of the Meeting of the Board of Directors of Ultrapar Participa&#231;&#245;es S.A., held on July</font>&#160;25<font style="font-style: italic;">, 2025</font><font style="font-style: italic;">)</font></font></p>











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